I randomly thought of this one day and I know it wouldnt work but I dont really know why and how all the rules work etc. I dont understand backruptcy but I assume that when u get in massive debt, say $500000 the interest has to stop otherwise you would never have any chance of ever paying it off. So if 10 people got a home loan of $350000 and all donated it to the one person, then declared bankruptcy and lived in a massive $3.5mil mansion together and lived off interest and illegal cash jobs, would this be possible??? I am keen to retire at 21. LOL.
Would this work?
- Thread starter kirtdog
- Start date
- Joined
- 12 May 2008
- Posts
- 499
- Reactions
- 7
Re: Would this work
that's some potent weed kirtdog
which bank is going to give you and 9 of your mates $350,000 each?
the loan would need to be secured and the financial institution would, for that amount, need to be confident that the money is going where you say it is -- how would you go about instilling that confidence and securing the loan?
that's some potent weed kirtdog
which bank is going to give you and 9 of your mates $350,000 each?
the loan would need to be secured and the financial institution would, for that amount, need to be confident that the money is going where you say it is -- how would you go about instilling that confidence and securing the loan?
skc
Goldmember
- Joined
- 12 August 2008
- Posts
- 8,277
- Reactions
- 329
Re: Would this work
When you get a home loan, the bank usually expects you to be buying a home! So you really can't just get a home loan but draw it down in cash.
Otherwise everyone will do that and retire in the Bahamas with a load of cash.
When you get a home loan, the bank usually expects you to be buying a home! So you really can't just get a home loan but draw it down in cash.
Otherwise everyone will do that and retire in the Bahamas with a load of cash.
Trembling Hand
Can be found on the bid
- Joined
- 10 June 2007
- Posts
- 8,852
- Reactions
- 205
Transfer of assets before a bankruptcy can legally and have been reversed.
- Joined
- 28 October 2008
- Posts
- 8,609
- Reactions
- 39
You can always try it and if you are (un)lucky, you may get some free room and board, courtesy of the Government and Correctional Services, in one its mansions.
At least you won't have to worry about living expenses for a while and you may even get some pocket money.
- Joined
- 25 May 2006
- Posts
- 851
- Reactions
- 2
Amusing thought!
In fact this idea will definately get you a roof over your head for life!
Only problem is, it won't have any doors or windows, you and your mates can spend the rest of your life eating Pal, and sharing the same toilet with no lid on it. You may be lucky and have one with padded walls!
Your thought is indeed random, but not without merit!
It shows you have a creative mind, so why don't you use it and create something legally....
Even if you went ahead with such a project, your crime is comitted simply posting this thread!
It's called premeditation
Funny though, but keep thinking, you just may come up with something viable.
Cheers Good Luck lol.
- Joined
- 14 October 2008
- Posts
- 201
- Reactions
- 0
Nope. Unless you enter into an agreement, the interest will continue to accrue. They wouldn't agree to it unless you were actively paying it off.
Debts can not be pursued after 7 years of no transaction. But they would bankrupt you before then for that amount.
As others have said, they would own the houses bought. And if sold - the money from the sale (regardless of where that money went thereafter).
Ever heard of BrisConnections?
Glen48
Money can't buy Poverty
- Joined
- 4 September 2008
- Posts
- 2,444
- Reactions
- 3
Have a look around for 9 FHO's see if they will join in ???
