A Better Way To Rob a Bank?

Buy a home. Put no money down. Make interest only payments. Who cares if you can afford it or not.



When it goes up in value, refinance, take out the equity and spend it.



Two years later the mortgage rates reset and your super low teaser monthly payment is gone. You can't afford the place. You can't sell it either. You are underwater by $100K or more.



So, you stop paying your mortgage and wait for it to go into foreclosure. You bank your mortgage payments into a savings account. You live mortgage free and rent free for nearly a year because the bank is slow to foreclose and throw you out.



Eventually the bank holds a trustee sale and now are you out on your backside. But, don't worry, you have all those mortgage payments you've been banking. You still be able to get credit. But, it will cost you more. In spite of the black mark on your credit report, you enjoyed free housing.



How much time will you do in prison? None!



Does anyone have a problem with the above? I sure do.



How come you'll get 20 years if you hand a bank teller a note that says, ';Give me the money because I have a gun.'; But if you do the above you won't spend one second in jail let alone prison.A Better Way To Rob a Bank?
or simply reverse it, con somebody into buying a house they cant afford, manipulate the interest rates to make it so that the house they cant afford they can no longer even keep up on the payments, take the house from under them leaving them homeless while keeping the money you already conned out of them.A Better Way To Rob a Bank?
BINGO
Because you didn't threaten anyone and the bank is at fault also for lending you the money in the first place then not acting more quickly to recoup their losses.

Still stinks.