How is this for creative? Is is legal? - Posted by Lisa
Posted by Lisa on December 12, 1999 at 08:27:53:
I would like to know if I can legally do the following:
I would like to create a Nevad Corporation, fund it, borrow money from the corporation and offer my interest in the property I own with my husband as collatoral (husband was put onto property by an escrow officer during a refinance without permission. She was supposed to deed him on right before the loan funded. We decided not to take out a loan on the property; yet he was recorded on the property anyway. The property was mine and all of the money put into it is mines).
Back to my idea. I default on the loan to the Nevada Corporation. The Nevada corporation forecloses and I take back control of my house.
Not very ethical, I know, but I believe it is creative :-). Is it leagal? What other types of implications would I be facing if I should move forward along these lines.