Mortgage Debt Settled with Savings of £40,000
A client approached Bell & Company in early 2016 with a property that they could no longer afford to keep. The property was in severe negative equity and the repayments were becoming difficult for the client to make. Coupled with the arrears and the mortgage shortfall worries, our client was in such stress that they wanted a clean break to make a fresh start and no longer wanted to keep the property.
After negotiating with the lender, we organised a surrender of the property assisting our client through the process of the sale of the property which ended with a Shortfall of c£45,000.
With the shortfall still a large figure, our client had no means of paying the full amount, thus allowing us at Bell & Company to enter further negotiations to agree on a Full and Final Settlement figure for the shortfall owing.
After a process of 5 months from the surrender of the property Bell & Company successfully negotiated on the shortfall to a settlement figure of 9.5% which the client raised via family and friends to enable them to move on with their lives without the burden of the problematic property hanging over them anymore.