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negative equity

Negative Equity, Arrears and Charges

The Problem: Negative Equity, In Arrears.

This case concerns a customer who approached NENI with an outstanding mortgage of £190,000 whilst also building up £24,000 in arrears and charges. The customer needed to move from their property but after the housing crash their home was now only worth approximately £80,000. This meant  it was £110,000 in negative equity.

The Solution

The Negative Equity NI team helped by selling the house via a local estate agent for £80,000. As a result of Negative Equity NI negotiating with the lender, we managed to get a deal where they would write off the remaining debt of £129,000.  A lump sum payment of £5,000 (6.7% of the total debt written off!) was made by our client to the lender in order to settle the case. This now means our delighted client has now moved on with their life and can be sure that this is now a problem of the past.

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