Posts Tagged ‘1st Mortgage’

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

Tuesday, December 23rd, 2008
home mortgage loan credit
Peter U asked:


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.

Lewis