Legal Question in Bankruptcy in Oregon
helock loans
a friend of mine is able to get two helock loans from different banks and he is debating to borrow the maximum and then let the banks forclose. he is asking me if the banks can go after the loaned money or is it like a foreclosure where the owner walks away scott free except for poor credit. too, are there any other areas of concern he should be aware of?
1 Answer from Attorneys
Re: helock loans
He would be commiting fraud if this is his intent. It would likely effect any rights he has including bankruptcy and walking away from the debt in foreclosure. This is really common sense. If you are a good friend and do not want to see him in trouble, advise him not to commit fraud. This loan would be backed by the federal government and he would likely loose this battle!!!
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