I’ve thought about doing this. I just don’t know if it would work that well. Aren’t you personally liable on the loan no matter what? If so, couldn’t the bank come after any assets you have? I don’t think it would be as easy to make off with the money as you think it is.
On the other hand, you could just go to Vegas, put it all on black, and if you hit, pay off your debts and have a nice tidy sum left over. If you don’t hit, well you’ve only lost the bank’s money and you can declare bankruptcy. It wouldn’t be the morally correct thing to do, but it’s not like you’d be taking advantage of some inept person. The banks knew what they were doing. Unfortunately, it will probably be the taxpayers that end up paying for a lot of the banks’ carelessness.
