Finance and Economics > Economic News, the Global Economy and all Things Monetary

Peculiar claim of loan forgiveness

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surfivor:
I know someone who I haven't seen in years but through some online messages he claims he owed 330k on a mortgage. He said he made no payments on it for 8 years and went to a foreclosure hearing of some sort. He is telling me that somehow the bank either forgave his loan or made a mistake and now he owes nothing. It seems to make no sense. I asked him if he had any documents or if he wanted me to research this. He just told me he has some good lawyers. I have no idea what to make of such claims

fritz_monroe:
While I hope that somehow he found a loophole and really did get one over on the bank.

But my normal impression on this type of claim is that it's not true.  It ends up being either the person is too embarrassed to talk about how he lost his property.  Or he comes back at some later time trying to sell you the information on how you can game the system like he did.

If he comes to you for money in the not too distant future, you'll know the answer.  If he never mentions is again, it was either true or he lost that property.

My bet is he's setting up a scam. 

LvsChant:
I agree... when someone you barely know contacts you out of the blue to share what should be a bit of embarrassing information, you have to wonder.

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