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Our client, in this case, had been unable to maintain the payments on her mortgage and had developed huge arrears in an extended period of financial difficulty. The property in question was a 2nd property, which was tenanted. Bell & Company upon initial consultation advised the client on a consensual sale however the lender in question declined.
Upon weighing out further options, a voluntary surrender of the property was considered the best move. This particular lender is extremely detailed and difficult to engage in negotiations with, however, we managed to achieve a settlement in the end.
The crystallised shortfall, after voluntary surrender, amounted to just short of £80,000, and after reaching an agreement with the lender was settled at just over £15,000. Upon reaching an agreement, we were able to protect the clients home, which had significant equity.
If you find yourself facing issues surrounding property debt, feel free to contact us. We offer a free initial consultation and full case review.
Our team will answer all your queries as soon you contact us. If your query is of an urgent nature you call us NOW on 02895 217 373.