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  • Debt & Negative Equity

    the SoreBank Redemption - Get busy trying.

    dear property professionals.

    I would like to hear experiences and process required in asking high street lender to take haircut on Resi mortgage. DIY step by step methodolgy wanted.

    aim to achieve - 15k reduction on 100k Interest only Residential Mortgage.

    15 years remaining term. 

    negative equity situation, paying mortgage with no missed payments over last 10 years.

    employment status - No current employment last 12 months. Looking after children.

    I hope salvation lies within Property Tribes community knowledge and resources.

    Provide answers of proposal or proposition to Bank. whom to speak to?

    Thanks in advance.

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    Coming soon Investorsk8.com

    Wisdom - an integration of knowledge, experience, and deep understanding that incorporates tolerance for the uncertainties of life as well as its ups and downs. 

    Hi Brand,

    Each lender will take a different view on this, so I can only give general advice.

    Contact your lender and speak to the team that deals with people in financial difficulty.

    Explain your situation and what you are hoping they will agree to.

    You could offer a payment plan for the remaining £15K.  As you have not missed any payments of £400.00 per month for the past 10 years, then they may consider this.

    They will either agree or they won't.

    If they do not agree, you could sell the property for £85K and then you would owe them £15K.  They would likely come after you for the debt and then you could try and arrange a payment plan with them at that stage.

    ​Hope that helps?

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    Our debt advice partner is Landlord Debt Advisory, but they also help homeowners with a sister company called Negative Equity.

    I would give them a call and discuss your situation.  They won't charge you for a 10 minute chat to see whether they can assist you.  The number to call is 0161 631 2727.

    They deal with these cases on a daily basis and have good relationships with lenders.  They are also the only FCA regulated company in the UK for this type of work.

    They will look at your entire financial position and advise you accordingly.  It is worth seeking professional advice in this instance to ensure that your situation does not deteriorate through making some wrong choices.

    Please give them a call as they are the people to assist you imho.

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    Thankyou Vanessa.

    For speedy reply as you are right, I need to bite and bullet and try. I like to understand something before I make further mistakes. I'm no stranger to suffering financial loss, but this time everything coming all at once on personal level. Don't want children to suffer from my mistakes.

    I did find negative equity solutions through Google search early morning.

    I will give them a call and update on here.

    I was wondering if the examples given on websites are real life examples. Anybody with example of this working please don't hesitate to share please.

    Will keeping a close monitor on thread.

    Have a nice day.

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    Coming soon Investorsk8.com

    Wisdom - an integration of knowledge, experience, and deep understanding that incorporates tolerance for the uncertainties of life as well as its ups and downs. 

    You might as well speak to nationaldebtline and the business  section of it.

    You have nothing to lose by doing so.

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    For what it is worth, Nick and I have been over to Belfast twice to visit LDA/NE.

    I can confirm that they are a very professional and caring operation and, being FCA regulated, they have to operate to very high standards and their advertising would have to be truthful.

    You should take comfort from the fact that they are the only FCA regulated company in the UK for this type of work.  I believe it took them about 18 months to get their FCA accreditation.

    Please let us know how you get on.

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