What are the ramifications of intentional foreclosure?

[Brian36]

What is the name of your state (only U.S. law)? Maine. Up until 3 months ago I owed nothing on my house. I refinanced for 80% of it's value with the intent of eventually using the money to buy bargain realestate which I have not yet done. I have a job offer I would like to take in another state. With no intention of borrowing money for a long time, can I walk away from my house leaving it to the bank without it being mortgage fraud? The money I received from my refi is in a different bank. Would the bank that took my house as collateral be able to lien any other property I ever bought in the future for the difference of what they may sell my present house for plus expenses? In other words, is it just my credit that I ruin or are there other ramifications that I'm not realizing other than ethics?

[nextwife]

Originally Posted by Brian36

What is the name of your state (only U.S. law)? Maine. Up until 3 months ago I owed nothing on my house. I refinanced for 80% of it's value with the intent of eventually using the money to buy bargain realestate which I have not yet done. I have a job offer I would like to take in another state. With no intention of borrowing money for a long time, can I walk away from my house leaving it to the bank without it being mortgage fraud? The money I received from my refi is in a different bank. Would the bank that took my house as collateral be able to lien any other property I ever bought in the future for the difference of what they may sell my present house for plus expenses? In other words, is it just my credit that I ruin or are there other ramifications that I'm not realizing other than ethics?

Please explain WHY you don't think you should use the 80% you took out of your house to help pay the lender you agreed to pay back? Sure sounds like a loan taken with fraudulant intent.