Cash out?

[Anonymous]

Do you know anyone or has anyone ever used all their credit cards and purchased a house and never pay it back? Or even combined all their credit cards and purchased a business and never pay it back and live with the +7 years collection?  I know some of these users here have up to +$100k credit card limits.  I'm just wondering because in America, they don't put you in jail if you owed credit card debts. Maybe people can abused the system. What do you think?

[Anonymous]

Land and physical property can be easily repossessed. I don't know much about realty sales but it would also seem like a big red flag to me as a someone selling property when someone wants to pay it all in credit cards when there are people willing to pay in cash or a backed bank loan.

[Anonymous]

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@Anonymous wrote:
Land and physical property can be easily repossessed. I don't know much about realty sales but it would also seem like a big red flag to me as a someone selling property when someone wants to pay it all in credit cards when there are people willing to pay in cash or a backed bank loan.

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Right on!

[Anonymous]

"Bust out". Judgements will follow you forever...

[Anonymous]

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@Anonymous wrote:
"Bust out". Judgements will follow you forever...

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@Anonymous wrote:

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@Anonymous wrote:
Land and physical property can be easily repossessed. I don't know much about realty sales but it would also seem like a big red flag to me as a someone selling property when someone wants to pay it all in credit cards when there are people willing to pay in cash or a backed bank loan.

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Right on!

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I think I did not make the question understandable and at the same time you guys are too diplomatic I apologized. The question could have been:  IF YOU HAD A CHANCE TO ROUND UP ALL YOUR CREDIT CARDS AND BUY OUT A HOUSE OR A BUSINESS, WOULD YOU DO IT AND LIVE WITH THE 7-10 YEARS IN COLLECTION? Maybe the $100k credit card holders can share their views here.

[IgnatiusReilly]

Doesn't work that way. The CCCs wouldn't just charge it off and send it to collections. They would sue and the underlying asset would be sold to satisfy the judgement. They would also likely sue for, and be rewarded, litigation costs. As an added bonus, there could well be criminal prosecution as well.

I appreciate the theoretical aspect of the question and would enjoy seeing CreditAddict or Ron use their total credit to buy Vermont, but it wouldn't work.

[fltireguy]

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@IgnatiusReilly wrote:
Doesn't work that way. The CCCs wouldn't just charge it off and send it to collections. They would sue and the underlying asset would be sold to satisfy the judgement. They would also likely sue for, and be rewarded, litigation costs. As an added bonus, there could well be criminal prosecution as well.

I appreciate the theoretical aspect of the question and would enjoy seeing CreditAddict or Ron use their total credit to buy Vermont, but it wouldn't work.

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Depends on what state you are in as well.

In Florida, it would be nearly impossible to get the house, no matter what. They can't sue and take a homestead, it is virtually impossible to do 

[Anonymous]

I know a couple who did something like that. They actually intended to pay it back as it was used to flipped houses.  Let me tell you, bad, bad idea. The banks closed thier accounts, sent them to collections and relationship was ruined over the amounts.

If you are thinking it, ditch that idea.  It is not your money so think of it that way.

[Anonymous]

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@IgnatiusReilly wrote:
Doesn't work that way. The CCCs wouldn't just charge it off and send it to collections. They would sue and the underlying asset would be sold to satisfy the judgement. They would also likely sue for, and be rewarded, litigation costs. As an added bonus, there could well be criminal prosecution as well.

I appreciate the theoretical aspect of the question and would enjoy seeing CreditAddict or Ron use their total credit to buy Vermont, but it wouldn't work.

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I totally agree with this first part.

and 

to the second part!

[SouthJamaica]

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@Anonymous wrote:

Do you know anyone or has anyone ever used all their credit cards and purchased a house and never pay it back? Or even combined all their credit cards and purchased a business and never pay it back and live with the +7 years collection?  I know some of these users here have up to +$100k credit card limits.  I'm just wondering because in America, they don't put you in jail if you owed credit card debts. Maybe people can abused the system. What do you think?

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They do put you in jail for fraud.