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

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

    Will it catch on in the UK?

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

    oh Panic
    "Never argue with stupid people, they will drag you down to their level and beat you with experience". Mark Twain

    #2
    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.
    Down with racism. Long live miscegenation!

    Comment


      #3
      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.
      Cooking doesn't get tougher than this.

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        #4
        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

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          #5
          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.

          Comment


            #6
            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.

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              #7
              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...
              "Never argue with stupid people, they will drag you down to their level and beat you with experience". Mark Twain

              Comment


                #8
                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.
                "Condoms should come with a free pack of earplugs."

                Comment


                  #9
                  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.

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                    #10
                    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!
                    "Condoms should come with a free pack of earplugs."

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