The walked with over $200k in cash.
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Several years ago, before the bankruptcy laws were changed, a man I trust who works for the school system here told me of a school principal and his wife who did the same thing. They took out the maximum loan on the house, bought a new Mercedes with borrowed money, maxed out all their credit cards for cash and hid the cash. He said that when they filed for bankruptcy the judge said that the house could not be taken because they had to have a place to live, the car could not be taken because they were still working and had to have transportation to work and there was nothing else to take.
In a perfect world whomever invented the zero down loan would be doing 20 to life right now. I can't imagine a more stupid idea.