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CalAttorney2
CalAttorney2, Attorney
Category: Legal
Satisfied Customers: 10244
Experience:  Civil litigation attorney for individuals and businesses.
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If an individual uses a 401k specifically to acquire an unsecured

Customer Question

If an individual uses a 401k specifically to acquire an unsecured loan, and defaults, is it fraud by its intention because of the inability to freeze or collect the 401k?
Submitted: 1 year ago.
Category: Legal
Customer: replied 1 year ago.
Interesting game you got going on here, if I'm not satisfied with your answer, do I get a full refund? LoL yeah I'll hold my breathe....
Customer: replied 1 year ago.
I do not see where editing price is, yet this trickery could lead to more questions lol
Expert:  CalAttorney2 replied 1 year ago.
Dear Customer, I am sorry for the delay in getting you an answer - while we do try to get an answer to customers quickly, as experts we are not employees of the forum and there is not always an expert willing to pick up your question for the dollar amount you have offered for it.In response to your question - No, this is not prima facia fraud. The lender has agreed to extend credit based on retirement funds despite the fact that these funds are generally exempt from collections, this is not a misrepresentation by the borrower, and no fraud has occurred.
Customer: replied 1 year ago.
It's prima facie and the fact is, the security was used, in fact, as the collateral, acceptance is/was used in the context of the presentment being factual based upon borrowers information presented! Hence, fraud by intent! Now, we can get into a pissing match forever, because, for every litigated case on the books won, there's obviously an opposite case won! So, I'll just take the 50-50 shot and let the alleged judge, the administrator, decide in this particular case presented properly! He might need a new pool! And of course, I'm not satisfied with your answer!

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