My house will sell for the debt amount so why worry?
This is so far from the truth and if it was the case we would advise everyone to let the legal process run its course. The norm is that the banks can only repossess (buy their own property on the auction) for an amount not exceeding 65% of the capital outstanding. The shortfall of that execution sale will be for your account and will change from a home loan format to personal loan formatted loan with interest rates of up to 33% pm.
I cannot afford to lose my house!
This might be an emotional expression that is fact but you have to force yourself to disallow emotion to influence your decision. At this moment you cannot afford to keep your house as well! Should you run the risk of having a shortfall you will never be in any position to qualify for any credit for the rest of your life. Repossession and execution orders that is not settled stay on credit listing for 30 years! This listing also has the implication that you will be penalised when renting property. We also think it is unfair to pay off a debt (shortfall) for something that you do not own or have the benefit of enjoyment thereof.