Originally posted by scooterscot
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stop your mortgage payments altogether and let the bank repossess, it's allowed...
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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.Comment
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Originally posted by DimPrawn View PostNo 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.Comment
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Originally posted by zathras View PostI think the law has changed now such that they have to get the best price possible.Comment
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