Jingle mail, Jingle mail Sc#*w the bank all the way

Mortgage foreclosures hit an all-time high in the fourth quarter of last year while homeowners' equity, or the value of a home less the outstanding mortgage, sank to an all-time low of 47.9 percent.

As prices drop, more home owners who bought at the top of the market are mailing their keys to the lender and walking away. In some circles, it’s called “jingle mail.”

That phrase was a prominent feature of the S&L bust and ensuing real-estate debacle in 1990-1991

For a fee, Web sites like YouWalkAway.com will advise home owners on the process. Because the legal costs are high, it is unlikely that a mortgage firm will chase those who walk away, although the law allows it.

Giving a 100% money back guarantee YouWalkAway.com proclaims on its homepage "Unshackle yourself today from a losing investment and use our proven method to Walk Away."

If you QUALIFY for their plan they promise:

Your lender WILL NOT be able to call you in attempt to collect!  
Your lender WILL NOT be able to collect any deficiency or loss they may receive by you walking away! 
You WILL be able to stay in your home for up to 8 months or more without having to pay anything to your lender!
You CAN have the foreclosure REMOVED from your credit!

In past downturns, few people have walked away from their homes, but the situation is different this time, some say. Many of the borrowers had high initial loan-to-value ratios. As home prices have dropped, these buyers are deep in the hole and don’t want to pay for properties with negative equity.