More specifically, when someone takes out the highest loan amount from the bank that they can & then flees the country in order to not pay it back, what exactly happens in such cases?
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My best friends dad did this. He’s a dual citizen with US/Canada, born in Canada though. Went to school and medical school on student loans in the US, didn’t pay a dime, and hasn’t paid a dime.
He basically just can’t get a loan in the US. Anything with debt on it here is owned by someone else and everyone gets a call once or twice a year asking “do you know (debtor)” and we all have to say we don’t know where he is and blah blah blah, I haven’t seen him in probably 8 years so I’m not covering for him when asked, I truthfully don’t know other than he’s somewhere in Alberta.
He lives primarily in Canada and from what I understand has no issue getting loans there. But when he has had homes down here they’ve been secured against his friends and family members credit, but he always pays them.
I’m sure if the lender knew what he was doing and where they could make the argument to have a judge seize those assets from the straw owners. But he’ll probably go to his grave with that debt and nothing for the lender to take.
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