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

**NotAllThere** · 29 July 2008, 09:50

In the UK if you're repossessed, the bank will come after you for any shortfall in the house sale. Unless you've paid for an indemnity, in which case the insurance company will come after you.

**TheBigYinJames** · 29 July 2008, 09:52

Originally posted by NotAllThere View Post

In the UK if you're repossessed, the bank will come after you for any shortfall in the house sale. Unless you've paid for an indemnity, in which case the insurance company will come after you.

And you'll never get credit or a mortgage aver again.

**Peoplesoft bloke** · 29 July 2008, 09:52

Originally posted by scooterscot View Post

Will it catch on in the UK?

http://news.bbc.co.uk/1/hi/business/7529277.stm

oh Panic

The law is different here

HTH

**DimPrawn** · 29 July 2008, 09:52

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.

**BrilloPad** · 29 July 2008, 10:04

Originally posted by TheBigYinJames View Post

And you'll never get credit or a mortgage aver again.

Case recently were the bank started chasing after 11 years - it was argued the limit was 6 years. but it is in fact 12 years.

**scooterscot** · 29 July 2008, 10:10

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.

That's it my BTL is going on the market, I'll buy this house in the Hamptons and still have change left over...

**ThomasSoerensen** · 29 July 2008, 12:17

Originally posted by scooterscot View Post

That's it my BTL is going on the market, I'll buy this house in the Hamptons and still have change left over...

that is a lot of house for the money.

If only we could get rid of the Yankees, then it might be worth it.

**Peoplesoft bloke** · 29 July 2008, 12:25

Originally posted by ThomasSoerensen View Post

that is a lot of house for the money.

If only we could get rid of the Yankees, then it might be worth it.

Yeah - you'd have to pay me a lot to live there.

**ThomasSoerensen** · 29 July 2008, 12:32

I have a plan

We go over there and buy their houses. Then we hire the former owners as servants. They will be perfect for the job as they already know where everyhting is and we pay them in US pesos so it is cheap as chips.

BOOMED!

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