walk away

richardmorris

is it possible to walk away from a mortgage just stop paying and leave it behind what happens if you do this

beecher2

It would be repossessed and you'd be chased for the difference between the selling price and the amount you owe. You can't just walk away from it

Have a look here

http://www.direct.gov.uk/en/moneytaxandbenefits/managingdebt/debtsandarrears/dg_10013261

and get in touch with some of the helplines.

opinions4u

Yes.

You remain liable for any debt, interest and charges for longer than a decade and invariably find yourself unable to borrow again.

I would strongly suggest you contact the CAB or Shelter if you are in severe financial difficulties. This link also takes you to a useful government web site.

Why do ask?

SouthCoast

As above and:

Many people find themselves being asked to pay large sums by their mortgage lender after they have been repossessed or have handed in the keys on their house. Often people think that once they have left the house their liability ends. However, this is not the case if the house is sold for less than the outstanding mortgage. The debt that remains is usually referred to as a mortgage shortfall. This also includes the monthly instalments and interest that has been added on to the debt until the house is sold, plus legal and estate agents' costs.

http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=11_mortgage_shortfalls