okay i have tried so desperately to sell my condo and obviously sells are horrible so i havent been able to do it. I want to know if I can refinance all the money I have made from my condo and just move to another country with it and let the bank keep the condo. Is it this illegal or it doesnt matter because this is the money ive made while living in the condo?
2007-10-29 16:48:49 · 6 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
You can't do that. If you don't have a profit you can't refinance to pull every cent then stick the lender with your worthless condo. Doing that would be fraud.
2007-10-29 16:51:39 · answer #1 · answered by shipwreck 7 · 1⤊ 0⤋
You haven't made a cent until you sell and pay off the loan.
Refinancing to get cash with the intent of walking away is called FRAUD. It isn't your money and you have no right to it. It is ILLEGAL if you keep the bank's money and stick them with a condo that they can't sell!
Really, what part of your brain thinks you have the right to do this?
You borrowed the money to buy the condo and with your signature you promised to pay it back!!
2007-10-30 03:59:48 · answer #2 · answered by Rush is a band 7 · 1⤊ 0⤋
If you have tried to sell, my guess is for at least what you owe on it, and cannot, that tends to say it is worth less than you owe, so where have you made any money? If only there a few years most of what you have paid is interest, not much on principle and with todays market and the falling of values you might not, or should say until you sell have not made anything.
2007-10-30 11:18:55 · answer #3 · answered by Pengy 7 · 0⤊ 0⤋
You haven't made ANY money on your condo until you pay the loan off. If you have not sold your home it is because you have it over priced; REDUCE the price!
2007-10-29 17:09:20 · answer #4 · answered by Anonymous · 3⤊ 0⤋
That sounds like a good idea.
If condos are hard to sell, then the bank wont lend much on it.
In many states you can just walk away from a loan though it will damage your credit.
2007-10-29 16:53:35 · answer #5 · answered by Anonymous · 0⤊ 2⤋
It is more irresponsible or immoral than illegal. You will have a bank foreclosed record, a court judgement on your credit report for a long long time. If you really plan on doing this, never come back.
2007-10-29 16:52:36 · answer #6 · answered by Princess A 3 · 0⤊ 2⤋