Originally Posted by jdragunas
here goes... i wouldv'e done this yesterday, but it's gonna take a long time.
you take out a
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, and make the first few payments (first payment default will throw up red flags immediately, and you won't get too far). Then you just stop making payments. It will take four months for foreclosure proceedings to start. (now this can't happen in every state, because some states require the deed to be prepared so the lender is on the deed, and therefore, they can kick you out immediately... this just mostly applies to ohio and other states like it...) Depending on the timeliness in your area, the whole foreclosure process could take up to 3 years! (that's how it is in cleveland anyway...). Well, the lender has to schedule a court date. Once that court date comes, they have to schedule a sherrif's sale. On the day before the sherrif's sale, you file a chapter 13 bankruptcy. That cancels the foreclosure automatically. You take your time with the bankruptcy... file wrong papers, don't fill out the forms properly, etc. Once the bankruptcy is almost complete, you say "oh forget the bankruptcy... i believe i can handle these bills on my own."
Then it will take a few months for the bank to discover you're no longer in bankruptcy. They'll begin the foreclosure proceedings again. you go through the same process with the court date, and the sherrif's sale. On the day before the sherrif's sale, you file chapter 7 bankruptcy. Because of the new bankruptcy laws, you have to be a little better with the papers and whatnot, but this still takes a good deal of time. Once your chapter 7 gets toward the end, you say "oh forget the bankruptcy, i believe i can handle these bills on my own."
Then it will again take a few months for the bank to discover you're no longer in bankruptcy. They'll begin foreclosure proceedings again. You go through the same process with the court date and sherrif's sale. On the day before the sherrif's sale you again file chapter 13 bankruptcy. You have to do this one properly, or the red flags will get thrown up again. Then you cancel it, and the foreclosure proceedings start again. This time, the foreclosure finally goes through. Depending on your state, and the timelines, this whole process can take up to 7 years!! By that time, you could save all of the money you would've been spending on your
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payments, give the money to a relative/close friend, and have them buy it for you at the sherrif's sale...
I strongly suggest not doing this, because it will ruin your credit forever...
I figured it was something like that.......crap....I was hoping for something else.