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

[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.

[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.

[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.

[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?

[ThomasSoerensen]

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!

[Peoplesoft bloke]

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]

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.

[scooterscot]

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...

[BrilloPad]

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.

[DimPrawn]

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.

[Peoplesoft bloke]

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

[TheBigYinJames]

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.

[NotAllThere]

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.

[scooterscot]

Will it catch on in the UK?

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

oh Panic