Legal Question in Banking Law in Tennessee
Loans
I had a Home equity loan for a home and sold the house, bought a new home. The loan was still open to me, Is it illegal for me to withdraw for my new home?
Asked on 1/14/07, 9:00 am
1 Answer from Attorneys
C. David DuMond
Law Offices of David DuMond
Re: Loans
Don't do it. The lender on your old equity loan would imagine that you were committing fraud, they might convince a prosecutor that you were committing fraud, and a prosecutor might convince a jury that you were committing fraud and you might go to prison. And there is probably some small print in your equity loan agreement that says if you no longer own the property, you can no longer take any money.
Answered on 1/15/07, 10:35 am
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