That great Australian Eddie Solomon (is he still around? He used to
be a regular fixture on 'The Investigators') used to swear by this
method. His technique, which he claimed made it legal (or at least
very difficult to prosecute you) was to buy a property at auction,
then run around in one day to get financing from as many different
companies as you could. He claimed that because they were all signed
on the same date, the couldn't prove which one you filled out first
and subsequently couldn't convict you of lying on the statement. Then
of course the terrible burden of finance charges were a huge tax-
deduction, while you fixed the place up and could ultimately sell it
at a profit. Sounds a bit fishy I know, but he claims many business
empires are started this way.
>>>The following scenario would be fraudulent in the US: You have a
house,
free of all encumbrances, and you want to get an equity loan. You
apply to
two banks at the same time and their credit checks both go through
close
enough that neither is aware of your application with the other. You
then
sign deeds of trust with both banks, with neither knowing about the
other.
You thus successfully use the same house for full collateral with two
different lenders at the same time. I know a guy who did this. If
the
banks ever figure it out, he will probably go to jail.
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