Mortgage Shortfall Settlement

By on January 20th, 2015

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Mortgage repayments

A Single lady bought a house in North Belfast with a £230,000 mortgage in 2006.  Her mortgage repayments were £770 per month Interest only. Unfortunately she lost her job and could not afford to pay her mortgage.

Bell & Company helped her through the process. The Client opted to sell the property on the open Market.

Prior to any sale being agreed the lender requested proposals on repayment of the shortfall to be submitted by our team on behalf of the client.

Through our  best efforts the lender agreed to a consensual sale and the property was sold for £170,000.

Full and final settlement of £4000 was agreed against the £60,000 shortfall.

The client was able to move on with her life, now lives with her sister and has a new job.

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