What happens if I take out a home equity loan with no plans of paying my mortgage or home equity loan back?

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This way I will eliminate the $ 120,000 I owe on my 1st mortgage and grab $ 100,000 cash off the equity loc. They can have my house and ruin my credit for $ 220,000. This cannot be legal is it? I really wouldn’t do this but my wife may.

I have a mortgage blog that describes the mortgage process in detail to help people better understand what they can do to get approved.

I’m going to use the obvious keywords like “mortgage, loan, equity, etc.” but I know that my small little site has no hope of listing high with these VERY popular terms. I’m using these for Meta Tags but also with articles that I’m submitting for ezines.

Does anybody have any advice for me to get more hits on my articles and website?

Thanks.

8 Comments
  1. Reply
    quickmls
    January 24, 2011 at 1:37 pm

    It could be considered fraud. Depends on whether the banks will pursue it.

    In any event, if the house goes to foreclosure, the first mortgage can come after you for for the balance of what the house sells for and what you owe; and the equity line can also come after you. By that I mean judgments, wage garnishments, bank account seizuers and credit issues, all of which can affect your life for the next 10+ years (including getting a job, renting a place, etc.)

  2. Reply
    lamn2009
    January 24, 2011 at 1:39 pm

    Your house will be confiscated, you and your wife’s wages will be garnished, and you will end up paying a lot more than you borrowed with the accrued interest, late payment penalties, and court cost. And you will destroy your chance of ever buying a piece of properly or anything that requires getting a loan. Leave your wife before she does anything that stupid and drags you down with her.

  3. Reply
    goz1111
    January 24, 2011 at 1:54 pm

    No matter what your intentions maybe it’s probably mute at this point; Good luck trying to get a bank to issue an Equity line of credit

  4. Reply
    Trouble
    January 24, 2011 at 2:52 pm

    It ‘could’ work…but, even if your Wife does it…you also are responsible!
    I’d say plan an out of Country move to a Country that doesn’t have ‘Extradition’ Agreements/Treaties w/America…..You can live a NICE COMFORTABLE life!
    Can’t be any worse that the SCREWING we are getting from bushit & congress….for $ 700 BILLION Dollars!

  5. Reply
    Kelly M
    January 24, 2011 at 3:48 pm

    It’s because of people like your wife and banks that were stupid enough to approve a loan such as this that has gotten us the tax payers to the point of having to pay for your mistakes. (Bailout)…Be responsible, and do the right thing

  6. Reply
    GWB
    January 24, 2011 at 4:28 pm

    Fraud.
    Plus in this dates market, good-luck in getting it.

  7. Reply
    Landlord
    January 24, 2011 at 5:11 pm

    Yes, this is legal. Thousands of people are doing it. They are literally bankrupting the banks. Don’t you watch the news?

    Of course they will come after their 220k after foreclosure.

  8. Reply
    Jill B
    January 24, 2011 at 5:21 pm

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