I want to refinance then foreclose then buy a house can they take the house?

Raven
i can't sell the house and have to move for work, I live in michigan, can i refinance foreclose and buy another house, can they take the 2 house from me, what are the consequences, what can they take, i have small property in another state, what will i be losing in the long run, also want to go back to school in a few years and will need loans, what is the best way to go, please help, ideas, anything

Cornelius
So, you want to defraud a bank and you come here looking for accomplices to tell you how. Let's hear it again, "The housing crisis is all the lender's fault!" (???)This folks, is a prime example of the Predatory Borrower.The honest way to go is to sell your house for what you can get for it.

Corazon
Try renting your present home. This will make property now income producing and will not effect you buying another home. You may not want to be a landlord but this is an option that would allow you to go on with your life and not effect your credit. Who knows, the person renting may want to buy it in the future. Keep an open mind and roll with it.

Bee
That may be considered mortgage fraud. I wouldn't try that if I were you. And yes they can come after you via IRS. You're better off to contact the lender, talk to their foreclosure division and see what you can work out. It's always best to NOT BURN BRIDGES IN LIFE! It may not always be to your liking, but be honest and do things the right way. It is your responsibility and what you promised when you signed all those papers.

Phyllis
i also live in michigan, and was told that if i foreclosed on my house, i would still owe the balance on it. they can take any damn thing they want from you. it's best to just file for bankruptcy, it's a pain in the butt, but your better off in the long run. you cannot refinance, foreclose, then turn around and buy another one, it's called having bad credit.

Bernie
Youd be better off trying to rent out the house rather than letting the bank foreclose on the house. It might not prevent you from buying another house if you purchase before foreclosure goes thru but if they pull your credit and see you've defaulted on your payments it might. Also if you attempt to go for school loans and your house has been foreclosed on then you will have a very hard time getting a loan. Also if the bank forecloses and sells and sells for less than what's on the loan you are still responsible for the balance so it might not solve all your problems.Try to rent it out.