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mrripper · Joined: 22 Oct 2009 Posts: 12 2.65 Dollars($)

I've heard of this term for when people mail the keys to their house back to the bank instead of paying the mortgage and then "walk away" with the bank not being able to chase them for more than they can sell the house for - is this right?

If not, what is "jingle mail"?

thanks,

adonis · Posted: Thu Oct 22, 2009 8:48 pm Post subject:

Hi mrripper,

If a homeowner mails his or her house keys to a mortgage lender due to an inability to pay off the mortgage and a lack of equity in the property, then such a mail is known as Jingle Mail. Though a borrowers mails his/her keys to the mortgage company, he/she would still face a foreclosure.

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"Jingle Mail"