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UK Mortgage Shortfall
- Our client was a Polish national who moved to Co Down area for an excellent job opportunity back in 2008. Given it was his long term intention to reside in the property for some time our client purchased a property at the peak of the market with little knowledge of the impending collapse of the Northern Irish Property Market.Our client intended to return to Poland after 6 years of working in Northern Ireland however given the negative equity in his home he felt trapped and unable to leave. Accordingly, the client approached Bell & Company and an open market sale was agreed with the lender and following the sale a successful settlement of £6,000 was agreed with the Bank’s debt collection agent on a debt of £60,000 The settlement process took sometime but Bell & Company successfully presented and evidenced the client’s circumstances to come to an amicable agreement beneficial to all parties.
Shortfall – £60,000 Settlement – £6000