People not paying loan

I do not know if this is completely true but point out what i say and do wrong
Well basically people are getting loans from large banks and buying houses. Yet they soon go bankrupt and soon refuse to pay for the house/loan. Next thing you know they leave yet the bank does not want the house either. Now some people even stay at the house yet refuse to pay and the bank would lose more money taking the house and trying to sell it in a market today. These people who stay in their house are living for free! They maybe on the blacklist now but they're making so much money in 3years they will pay the loan back and be off the blacklist. Is that correct? I really do not know if that situation is completely true or what, yet if It is really true this is madness

 

I don't know where you live, but you should definitely re-read all laws..

I don't know where it is that you can go bankrupt and keep your house.

 

+1

I've NEVER heard of this.
Banks take the houses with foreclosures, and the Government/State sells the house for foreclosure prices.

I know a family friend who bought a 2 Million dollar house for under $600,000, with a pool and new floors, finished basement, and new paint.

I've never heard of people living in a house because a bank/Government won't take it in "risk" of losing money. They already lost the money trusting you to pay it back and you're not, so might as well take the house back + keep the money you already paid.

RussianVillain.

 

If you're talking about the previous laws in america changed a few years ago, that you could go bankrupt and not pay your bills back, it's been changed. You have to pay back ALL debts now and not just some.

 

Get loadsa credit cards max every single one but buy items and give them as gifts to a trusted family member (NOT WIFE) file bankrupsy (however you spell it).. 6 Years on and your credit is wiped from the surface of the earth.. Repeat and have much fun..
Some people do this to get through life.. Its something like that not 100% sure on the method but its something like that

 

You agree to a contract. If you're not paying back loaned money, you're involved in theft, which makes you a thief, which means you should be sent to prison.