stop your mortgage payments altogether and let the bank repossess, it's allowed...

[expat]

Well that's it I'm moving to America, even in the bad times you can use a 'get out of jail' free card - while the european banks pick up the tab.

But can you use a 'get out of Gitmo free' card?

[NoddY]

Many people actually think you can 'just give them back the keys' and walk away. As a poster has mentioned this is only possible in the United States. The only way someone can 'walk away' in the UK is if they declare themselves bankrupt; this is the only sure fire way all liabilities are discharged.

[zathras]

No it won't catch on in the UK, as you will be pursued for the difference. I kn ow this as a family member walked away from a mortgage due to ill health.

The debt was sold by the bank to a very nasty debt collection agency. They will stop at nothing to get the money back. To make it worse, the house is often sold at auction for a tiny fraction of what the homeowner paid.

Don't try this at home folks.

I think the law has changed now such that they have to get the best price possible.

[Peoplesoft bloke]

I think the law has changed now such that they have to get the best price possible.

Yeah - but they can easily argue that selling the house at auction is doing that. If getting the best price means a choice between selling now and waiting five years for the market to catch up - they can sell now at a poorer price.