Originated From
AOL Search

Pocketing rent on second home and not paying mortgage in anticipation of filing bankruptcy

i own 2 homes. i live in one which i own outright. The other is a rental with a mortgage.  I am collecting $2000/mo rent and have not paid lending bank for 5 months in order to build some savings. I have had no contact with lender and they don't know that i rent the mortgaged home. I want to file bankruptcy understanding that i will lose the rental home. Can i be forced to pay back the rent i have kept. i don't deposit this money in any account but rather use it to buy things for myself . What are possible consequences for this when i file for bankruptcy?

Liked this question? Tell your friends about it

2 Answers

Order by
Oldest to Newest
Newest to Oldest
Votes

What you're doing is called FRAUD. Your behavior is not only criminal, it is morally reprehensible. I hope your tenants find out what you're doing and sue the pants off you; I further hope the bankruptcy trustee finds out how you've acted and the court disallows your bankruptcy filing & throws the book at you.

Your actions show that you're a greedy money grubbing slimeball. I hope you get exactly what you deserve ~ and it sure as heck isn't more free money!

Hi Sharon, what you're doing is totally wrong ! You have so much greed when it comes to money. I suggest that you must settle this issue as soon as possible then start some few smart passive income generating business. Example of this is dividing your house the provide some free rooms to let the other people rent it. With this you can slowly gain extra income using a positive approach.

Related Questions

Other people asked questions on similar topics, check out the answers they received:

Asked: It is a note on home and property that my wife and ...

It his a mortgage loan on property with a deed of trust and promesary note dated May 2011 for 15 years at 68.500 for 15 years

Asked: I am behind in my mortgage can this be put on the ...

i am behind in my mortgage can this be put on the end of my moprtgage

Asked: What is the going rate for re-financing a ...

What is the going rate for re-financing a commercial 12 unit co-op ?

Be The First To Answer

Other people asked questions on various topics, and are still waiting for answer. Would be great if you can take a sec and answer them

More Questions

What is the difference between a Chapter 7 and a Chapter 13 bankruptcy

First see what is bankruptcy ? Chapter 7 commonly used when You have little property except for the basic necessities like furniture and clothing and chapter 13 used when You have significant equity in a home or other property and you want to keep it. Advantages of chapter 7 are Most unsecured ...

My car is paid for, and worth about 18,000. Will the bankruptcy court

Usually the court will not make you sell your car-if you had 2 cars they would make you sell one of them. Most people need a car for getting to work-getting to the store, doctor, etc. so it is considered a neccesity.

Can I refinance my primary mortgage after nonpayment of mortgage on

The simple answer is NO every product has waiting periods after a short sale. It doesn't matter if it was an investment property, primary or second. Although a short sale is not the end of world FHA requires 3 years out and conventional requires 4 years. Credit score and reason for the short sale ...

Single or Married bankruptcy filing

Married, filing jointly': This is the most common, and conceptually the easiest to handle. As both spouses are participating in the bankruptcy filing , they are thought of as one economic unit, and so will have both incomes included on the form B22A ('Means Test') schedule. Likewise their combined ...