Monday, July 11, 2011

UK's most expensive house seized by bank after owner defaults on £50m mortgage | Mail Online

UK's most expensive house seized by bank after owner defaults on £50m mortgage | Mail Online

So what are the bank going to do with it? it is doubtful that it will be sold. the previous owner now has no mortgage payment to find for it. IF he arranged a new house and mortgage while looking solvent then as long as he pays the new one, he is laughing !!!! More people should do this. Just arrange a smaller house and walk in to the mortgage provider and say here you go, get stuffed!!!
Should the mortgage provider ever offload it they must pay you any difference between what you owed and whatever it sold for, normally at auction wit a reserve of the market value or slightly below. In the mean time as the bank now own it they have to maintain and insure it, not you, again saving you money. They could rent it out as you could have done, but the bigger the house the harder it is to rent.
The only benefit that the bank has is in the increased property portfolio, which will act as surety for them to borrow against.
So if you get in trouble, mortgage to the max, get another home sorted out to move into. Take the credit cards to the max, to put in new furniture, get a car loan and make a few payments on it, so that it cannot be taken from you, with the Credit Card not from your income, get an overdraft or a bank loan for a good holiday and then walk away from the whole lot, by declaring bankruptcy, as you can't pay the bills. Everything goes away and any change, should the house be sold goes to cards and loans at pennies in the pound. While you, now, have a new house, new furniture, new car and feel refreshed after a good holiday, with all the stress lifted. You may still work to provide an income and any spare money should go toward previous debts.
In a couple of years, your bankruptcy is lifted. They say that it affects your credit rating and prevents you getting loans. I say knickers!!! Your name, at the old address, is blacklisted. Your name at the new address is definitely, not blacklisted, as you have had no problems there. A very few forms ask, have you been bankrupt. It is an offence to lie. If they don't ask.......................... Your partner is not included in any case, so you may begin the merry go round again. crooks have been doing it for years.
It only becomes a problem, if you do it, continually, every four or five years, as some do. However, it can happen very easily and understandably once. Planning it is deliberate fraud, but if circumstances change and you were sucked in by materialism, trying to keep up with the jones, blah blah there is enough doubt cast. You become a tree in the forest, hiding in plain sight. Now, I do not recommend that you do this, as above, I merely say that it has happened. As an accountant I saw and heard of it happening. It is a matter purely for you to decide. You should always pay your debt.

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(1) Walmart Employees EXPOSED For Falsely Accusing Shoppers Of Theft - YouTube

(1) Walmart Employees EXPOSED For Falsely Accusing Shoppers Of Theft - YouTube