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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: GraceZ who wrote (51382)4/4/2006 3:05:40 PM
From: Think4YourselfRead Replies (4) of 306849
 
And why aren't you better off? If the house declines in value say 10% from where you took out the loan then you are up 10K for every 100K the house is worth. You also unloaded the house without paying a realtor commission. You also don't have to spend the money, but rather only give the appearance that you probably did (pretty easy to do with a few trips to Vegas). As for the time off, go for an advanced college degree, study for a new career, or just enjoy life. There is no debtors prison anymore. When you declare bankruptcy, assets can be attached to repay debts, but not the primary home in most cases. The home you took the HELOC out on won't be your primary home by the time you declare bankruptcy. If you did it right you also declared the kind of bankruptcy last year's law was designed to make harder to declare so your debts are discharged by the courts. You really only get your credit rating shafted.

btw, it's pretty easy to hide assets, even in today's computerized society.

It's not for everyone but this seems pretty straightforward and legal to me. As for morals, that's a judgement call by each person. To me it's a simple business arrangement, taking advantage of the greed and foolishness of the other party...the bank.
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