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Topic: Doing a runner  (Read 1454 times)

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Doing a runner
« on: January 22, 2013, 03:52:14 PM »
Has anyone else considered this?  We were planning on selling up and moving in a few month but my job is really sucking today and the house is only just about worth more than we owe on it since the housing market tanked.

I am seriously considering driving the cars down to carmax and getting cash, transferring my savings to the UK and then my wife and I just getting on a plane and leaving the resulting mess to the mortgage company and shitty boss.

I'm probably too honest to actually do it, but it is so tempting.

Anyone else reached that point?  ???
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Re: Doing a runner
« Reply #1 on: January 22, 2013, 04:00:18 PM »
Why don't you just rent the house? 

It may be tempting but it's obviously a terrible idea.
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Re: Doing a runner
« Reply #2 on: January 22, 2013, 04:17:51 PM »
Ha ha ha ha ha ha ha ha ha ha... Ahhhh, I so know that feeling.

Only, I'd be aiming for South America.
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Re: Doing a runner
« Reply #3 on: January 22, 2013, 04:44:17 PM »
Quote from: geeta on January 22, 2013, 04:00:18 PM
Why don't you just rent the house? 

Much better idea.
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Re: Doing a runner
« Reply #4 on: January 22, 2013, 05:59:51 PM »
Renting would be nice if it wasn't for the fact current rent rates here are sooooooo low.
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Re: Doing a runner
« Reply #5 on: January 23, 2013, 05:11:13 PM »
You can return the keys to the mortgage company normally, voluntary repossession, however the mortgage company will then force a sale (which will take ages) and you'll owe the shortfall between the mortgage and the cost of sale.
 
I believe you'd be better off declaring  bankruptcy or IVA, moving abroad and waiting for it to fall off your credit file. If you speak to CCCS or someone free like that, they'll give you advice on the best order of declaring bankruptcy and handing back keys.

Legally, debt is not international so if you did do a runner so to speak, they have pretty much no power to do anything to you (although they may say otherwise, and hound your family etc), the thing about life is, you never know what will happen, so I wouldn't want to close a door, and have all the stress and worry of leaving all that craziness behind.

If you can sell it for more than the mortgage shortfall, just do that! It would be insane to think of doing anything else.
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