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cashing out options

97guns

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#1
I'm only fantasizing -

option 1 is to sell the home, using my situation and one of my properties as example, sell for $260k and net approximately $185k after commission, closing and capital gains.

Option 2 is to take a loan for the max 75-80% LTV which would net me $200k and default on the property essentially selling it to the bank for $200k
 

latemetal

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#2
Depends on state laws, option 1 is would be my choice.
 

southfork

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#3
Read your mortgage carefully and know your state laws, some clauses in your contract and some states allow for the mortgage company to take you to court and lien your assets forever.
 

the_shootist

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#5
I'm only fantasizing -

option 1 is to sell the home, using my situation and one of my properties as example, sell for $260k and net approximately $185k after commission, closing and capital gains.

Option 2 is to take a loan for the max 75-80% LTV which would net me $200k and default on the property essentially selling it to the bank for $200k
Option 2 is dumb, not to mention dishonest. Unless I'm missing something, the cost is more to you than $15K difference is worth.
 

the_shootist

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#6
the real question you are asking is should you commit fraud or not?

sugar coat it however you want, but this IS what you are asking
Pretty much what I was thinking!
 

southfork

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#7
the real question you are asking is should you commit fraud or not?

sugar coat it however you want, but this IS what you are asking
Millions did it already , I supsect after that happened they will come after anyone trying it and that the laws were changed.
 

Scorpio

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#9
A man walks up to a woman at a bar and asks "Would you have sex with me for a million dollars?" She replies "Well, that is a lot of money, ok." He then asks "Well then, will you do it for 10 dollars?" She replies " Of course not, what do you think I am a whore?" He says "I've already established that, at this point we're simply negotiating."