Is it possible to pay my mortgage off ВЈ60000 off with credit cards ?

Would it be possible to pay off my mortgage with credit cards then NOT pay the credit cards off. Also could I sell the house quickly to stop credit card companies putting a stop on it? Then transfer money to a family's account???

As an aside

"and credit card cheques can't be used to pay mortgages."

at least in the USA you can use those checks to pay anything, including your mortgage payment.

And the real answer is YES one could do that but what would the consequences be? Collection agent harrassment to jail time.

So step right up and spin the wheel and see which one you get.

yes you could but they would catch up with you sooner or later, and as its fraud its a prison sentence

No.

You wouldn't be able to take out that much cash on a credit card, and credit card cheques can't be used to pay mortgages.

If you did somehow manage to get the cash (by doing a balance transfer or visiting the cashpoint every day for months), you still wouldn't be able to avoid paying back the credit cards, because there is no grace period if you borrow cash on them. If you borrow cash, you will be charged interest every day from the 1st day, and the rate of interest will be much higher than either a mortgage or a normal shop purchase on a credit card.

You are unlikely to be able to sell the house quickly in today's economic climate - no-one is buying houses right now.

My advice is to sort out your family budget - calculate exactly what you're spending on EVERYTHING and try and make some cut backs. Put the money you save into a high interest account - by "high", I mean that the interest rate must be more than the rate you are paying on your mortgage. Check wwww.moneysupermarket.com for the best current rates.

You could look at transferring your mortgage to another company with a lower rate.

Why would you want to do such a dishonest, stupid and selfish thing? It's all the other people out there with mortgages and credit cards that have to pay for your selfishness.

anythings possible
however what you are proposing is fraud, and unlike IVA.Bankrupcy fraud often gets jail time.

you chances of getting away with it are slim
even if you did I can just see the banks laughing at your stupidity, transferring a mortgage (at what 5..7% to a cash advance at say 15..20%). I wonder how many banks would then lend you money after that.

The stages would be
1) To get a cash advance of ВЈ60,000. Generally your cash advance limit is less than your credit limit, so you'd need a good line of credit to get to that stage.
2) To use the cash to pay off the mortgage. That involves discharging the mortgage deed requiring some legal work
3) To sell the house (quickly, in today's market - you've gotta be kidding). That involves some more legal work.
4) The sale proceeds could then be paid to someone else and you'd find yourself with unsecured personal loans of ВЈ60,000.

If you then defaulted on the loans, there would be a very clear set of evidence (from the two lots of legal work) that the whole business was a scam to defraud the credit card companies of ВЈ60,000. You'd probably get 5 years (out after 2 with good behaviour). While you're inside, your assets would be seized and the proceeds of your crime would be sequestered from whoever you'd given it to.

Nice try though.

If you have such a good credit rating as to be able to raise that amount through credit cards, why would you want to spoil it? With that sort of clout behind you why don't you speak to a financial adviser as how best to manage your current difficulties? You'll probably be surprised as to how many financial products there are out there!

Well as I find the question quite amusing I thought I would toy with the idea hypothetically of course. I read the other answers and I'm not so sure that everyone is right here.
Firstly, assuming you are UK, you have a mortgage and you have credit cards so you can't afford the mortgage and don't want to lose your home so panicking, you go into the credit cards, then realise you are in over your head and decide that the only way you can pay back is by selling the house quickly. So you pay it off and sell.
Now, have you really done something illegal? It is not illegal to owe money.
Next, your mortgage is secured on property meaning that there is a charge on the premises making it impossible to sell without your mortgage company getting what is there's. There name will come off that charge the moment you pay it off. Are your credit cards secured on your property?
If not then it will be hard for the issuers to claim any of that money. When you get into debt and don't keep up with payments you can actually keep a court case away for a very long time, and how would any such court case be fraudulent?
You have already been granted the credit facilities, you have not done anything illegal by using that facility.
So now what about paying back?
Well on your day in court you will obviously be asked why you haven't paid back. Now this could be a year or more after running up the debt. Whatever reason you give, the court will ask for proof of income/savings. Now hypothetically, if you had run into problems with your mortgage and out of desperation went into the credit cards, and out of further depression you hit the bottle and later hard drugs, well it could easily happen that you sold the house and blew the cash. Now up to this point you still have not done anything illegal.
Now your way is to pay the mortgage off with borrowed cash, then sell the house and NOT pay back the borrowed money.
The way you play it from here onwards determines if you are acting legally, illegally, or just foolishly.
I was going to stop there but it's a good mental exercise!
Refusing to pay back the cash is again not illegal, however a court will order you to do so assuming you haven't hidden it. If you have have hidden it then you're going into dodgy ground. You can legally put that money into any account you like once you get it, but you cannot legally hide it. You would obviously be liable for any taxes connected with the whole transaction such as capital gains tax, and it would be more than foolish to try to cheat the government. Having said that however, you could put the cash into a business, maybe a limited company? Wow, to be honest with you there are so many ways of doing things without acting illegally, unless of course it can proven that you had it all planned! Better get my answer deleted!

Only if you want to be arrested for fraud and maybe other crimes.

I would just add, not only is this illegal but, somewhere in one of the steps of your scheme, you will be stopped or caught, and could possibly get in real big trouble. I would say, if you really wanted to know, just try it. Just being sarcastic, this is a scheme, not a good one. By the way that will cause you to land in not only jail, but the penitentiary.

yes, this could work...but you'd have to sell the house very quickly - before the credit card companies caught up with you and you'd have to have enough cash allowance on the credit cards to do this. Then you'd have to deposit the money offshore otherwise it could be traced...if you put it into a family's account this would be money laundering which is an imprisonable offence...basically there would be no defence for any of this so you'd get sent down for fraud.

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