Mortgage Shortfall Settlement

By on January 20th, 2015

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Buy to let properties

A couple approached Bell & Company with three buy to let properties that were distressed . The rent acquired on the three properties was not even covering the mortgage repayments and the couple had been struggling leaving them with arrears. The lender had appointed a receiver when the couple sought help.

Bell & Company liaised with the receivers until the properties were sold.

There were substantial losses on all three properties after sale leaving a shortfall of £494,000. The couple obviously did not have these funds available and the debt was outsourced to an aggressive debt collection agency.

Again we liaised directly with the agent and successfully achieved a full and final settlement of £35,000 for what was a shortfall of just under half a million.

Obviously this was a massive relief for the client who avoided bankruptcy, moved on with life and could concentrate on maintaining the mortgage on their family home.

£494,000 settled for £35,000

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