Can a dune force me to reward home equity loan beside personal assets?
Say I bought a house 30 years ago for cash and took out a loan on what was the full importance last year(lets say $1million) and put adjectives that money in a bank explanation. Can I just let the lender foreclose on the house i.e. now worth $700k, take the hit on my credit and pace away with my $1,000,000. Can a lender seize my personal assets close to they would be able to if it was a credit card?
Answers:
The lender can certainly pinch you to court and the court can seize any of the assets in your autograph to pay off this debt. They can accessories your wages and put a lien on any property that you own. There is a reason that what you are proposing to do is illegal. It's call fraud since you are attempting to defraud the lender of their money.
I hope you are joking about not knowing this would never come about. Yes they could get a judgment and hijack your assets.
Q. Can a sandbank force me to pay home equity loan with personal assets?
A. Generally, yes, unless it is a reverse mortgage or you profile for bankruptcy.
Q. Say I bought a house 30 years ago for cash and took out a loan on what be the full value last year(lets say aloud $1million) and put all that money in a wall account. Can I just tolerate the lender foreclose on the house that is now worth $700k, pilfer the hit on my credit and walk away with my $1,000,000.
A. No, unless it is a reverse mortgage
Q. Can a lender grab my personal assets like they would be able to if it be a credit card?
A. Yes, unless it is a reverse mortgage
They would come after you for the difference, of course. Then you would owe taxes on the increase in meaning of the house on top of that.
It depends on whether your state has a deficiency ruling law. It also depends on when you took the loan. It could be called fraud if you try to way of walking 6 months after you took the loan. I suggest you consult an attorney. With the amount that you have in the sandbank you can afford it.
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Answers:
The lender can certainly pinch you to court and the court can seize any of the assets in your autograph to pay off this debt. They can accessories your wages and put a lien on any property that you own. There is a reason that what you are proposing to do is illegal. It's call fraud since you are attempting to defraud the lender of their money.
I hope you are joking about not knowing this would never come about. Yes they could get a judgment and hijack your assets.
Q. Can a sandbank force me to pay home equity loan with personal assets?
A. Generally, yes, unless it is a reverse mortgage or you profile for bankruptcy.
Q. Say I bought a house 30 years ago for cash and took out a loan on what be the full value last year(lets say aloud $1million) and put all that money in a wall account. Can I just tolerate the lender foreclose on the house that is now worth $700k, pilfer the hit on my credit and walk away with my $1,000,000.
A. No, unless it is a reverse mortgage
Q. Can a lender grab my personal assets like they would be able to if it be a credit card?
A. Yes, unless it is a reverse mortgage
They would come after you for the difference, of course. Then you would owe taxes on the increase in meaning of the house on top of that.
It depends on whether your state has a deficiency ruling law. It also depends on when you took the loan. It could be called fraud if you try to way of walking 6 months after you took the loan. I suggest you consult an attorney. With the amount that you have in the sandbank you can afford it.
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