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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Think4Yourself who wrote (51384)	4/4/2006 3:21:44 PM
From: Travis_Bickle	Read Replies (2) \| Respond to of 306849

my attitude towards shafting banks is so long as the shafter isn't rolling in money it's more or less a robin hood situation. it's not like the bank was going to do anything useful with the money. you do have to be up on your fraudulent conveyance law, though.

To: Think4Yourself who wrote (51384)	4/4/2006 5:51:18 PM
From: John Vosilla	Respond to of 306849

"btw, it's pretty easy to hide assets, even in today's computerized society." I would guess as long as you keep it out of your name, you don't report to the IRS and the transaction can't be traceable directly to you via a closing statement or bank account. Many folks will have cash businesses where much of the income is not reported to the IRS. They would keep the cash out of bank accounts so as not to be traceable and buy things like distressed assets at auctions for cash and put the property in land trusts to conceal activity from the IRS. Eventually when there is an arms length sale or cash our mortgage financing through a title company is when it gets real tricky.

To: Think4Yourself who wrote (51384)	4/4/2006 8:05:30 PM
From: Jim McMannis	Read Replies (2) \| Respond to of 306849

I dunno if the law was changed but in FL they can't take your primary residence from BK. Many a person has thrown money into a large home on the water and then BKed...only to emerge later with the house scott free. Even an ex FL governor, Claude Kirk, pulled it off before going BK in Jersey. I think there may be a holding period now.