Is it possible to get a hard money loan on a house and leave the country?

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Someone I know did this based on his homes equity and I’m wondering at the legal repercussions. He left right after he got the money.He gets a structured settlement, from an accident,the company is based here in the states.
Can this be garnished? Will it be impossible for him to re-enter the country?
Hes my ex, thats how I know all this information…Is anything going to happen to him?
I know credit cards follow you for 8 years, and if you walk out on a house with a full blown mortgage it can follow you for 3 years….

Does anyone know anything about this?

  1. Reply
    May 16, 2011 at 1:21 am

    If the lender were to find out, that he PLANNED to leave the country and not pay the loan, it could be considered mortgage fraud, which is a federal offense. I don’t think I would risk that. But once he leaves the country, unless the country he goes to has extradition rights, he’s safe. But should he come back, the impact to his credit as a whole is devastating for 10 years or more if the lender decides to pursue him.

  2. Reply
    May 16, 2011 at 2:16 am
    5 of 5 people found the following review helpful:

    Content Is Poor, November 5, 2006
    Chuck (Visalia, California) –

    This review is from: Pit Bull Mortgage School-Hard Money Lending (DVD)

    Very little useful content in this the CD. Aside from the poor audio and shaky video shots, it’s a complete waste of time for anyone beyond the most basic of investors. What a waste of money!

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