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mortgage debt

Mortgage Debt, Divorce, Need To Sell?

Mortgage Debt
The Problem: Separation – Need to Sell

Our latest case of mortgage debt concerns a separated couple who approached Negative Equity NI with an outstanding mortgage of £140,000. They jointly owned a 3-bedroom home however neither party wanted to keep the house, so they needed to sell it quickly. However, the property, originally bought in 2007, was worth considerably less than the mortgage value.

The Solution
They approached Negative Equity after seeing us on Facebook with the hope we could help. The two customers decided to engage in our process after coming for an initial consultation. We managed to helped by selling the house via a local estate agent for just under £100,000. After we approached the lender we managed to negotiate an excellent deal where by the clients jointly paid a settlement sum of £8,300 to the lender. The lender, in turn, wrote off the remaining £32,765 of property debt. The clients have since been able to go their separate ways and can now put their mortgage debt nightmare behind them.

Does this situation seem familiar? Are You struggling to make mortgage payments as a result of a separation? You’re not alone.

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