patrick.net

I saw this on a blog, and I have been wondering the same question:
Can someone explain to me about how Jim and Alexis Bellino put their house into a newly-created corp, Global Marine, then the next day declared bankruptcy on it, thus stopping the first-mortgage-holder’s residential foreclosure? This was asserted by another OC housewife Tamara.

Who absorbs the loss? How do they get out of that short-sell debt? How do they not pay taxes on the difference between short sell and mortgage-loan debt? How did Alexis in July 2011 get away on Bravo with stating they had a bunch of cash to pay cash for their new home? How did they shelter liquid assets and yet do a business bankruptcy right after transferring the residential private property to a newly-created corp? Is this all legal? You mean I can shift a bunch of cash somewhere, create a Corp and tomorrow transfer my mortgage to it, then declare business bankruptcy and not pay mortgage but still live in my house? Not suffer personal bankruptcy credit problems even though the house was purchased as a personal primary residence and yet keep all of my personal cash to pay for a new home? Someone smart please explain what the Bellinos did because it sounds very fraudulant.
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#housing