One way to strategic default



Trust me the banks/irs will get a piece of him. It's their world we live in. He'll just end up owing them money his whole life for a non-existent asset. He didn't get out of anything. When you foreclose on a house the bank can come after you if it's a short-sale for the difference. So you think they can't come after you in a situation like this? Hell yes they can.
 
Jail time for him actual, it's a clear cut criminal act to deface property you are using as loan collateral to spite the loaner.

The law was firmed up last century to stop people from doing shit to cars just to spite the company trying to repo them but they have always been around. Pretty much soon as the idea of using property as collateral for loans came about this problem came about. If this was England ~500 odd years ago or so the guy would loose 2 fingers on each hand and get a nice brand to his forehead. The law was mostly commonly enforced on surfs that couldn't pay debts on land and felt they were being unfairly treated so they would salt the land to get back at the land owner.

Needless to say it's easy to see why laws like this would and should exist.
 
WickedJoe said:
Trust me the banks/irs will get a piece of him. It's their world we live in. He'll just end up owing them money his whole life for a non-existent asset. He didn't get out of anything. When you foreclose on a house the bank can come after you if it's a short-sale for the difference. So you think they can't come after you in a situation like this? Hell yes they can.
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I think he will chapt 7 BK. He won't be able to BK the IRS stuff, but definitely the home loan.
 
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