Im aware that my credit is gonna take a big hit but I want to know what’ll happen to me down the road.
In: Other
They sell your home and smash your credit rating.
It’s not really a great idea now because you could just sell the home yourself and get more money out without the hit to your credit.
In the days leading up to the financial crash in 2008/9 people definitely did this though, cash-out refinance the home in 2006 when it’s worth a million dollars and then let the bank eat it when the price crashes in 2009.
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