Property Debt; We’re All The Same!
Property Debt; 'There's no shame, we're all the same''That's what they say on Embarrassing Bodies! But while a few shameless hussies wouldn't think twice about getting their bits out on the box, it seems we're even less keen to talk about MONEY or lack of it!
A survey by Shelter suggests that a lot of us are hiding property debt – as many as one in six of us haven’t fessed up to family or friends about our rent or mortgage problems.
This is even though a lot of people are in the same boat it’s a national problem.
The report also goes into detail about what people do to keep their problems a secret, from taking out bigger loans, selling their stuff or throwing away bills.
1,000 people admitted debt prevents them from getting a good night’s sleep, while 17% admitted that their housing costs have led to arguments.
It really doesn’t have to be like this!
Debt doesn’t have to be such a personal and stressful issue. Getting it out into the open can be a relief in itself.
Finding a friend or family member you can trust is your best option someone who can just listen and be positive about the situation. Debt is never the end of the world and there’s always a way out.
Our property debt solution takes away all of the hassle of dealing with your mortgage company and we often write off tens of thousands of pounds of debt for a much smaller fee.
There’s no charge at all if we can’t help you or aren’t confident of a result.
Our first and best advice is always to do something now. The sooner you sort the things out, the better.
“In life, we often experience unexpected financial setbacks and it can be a real struggle to find your feet again. Your mortgage may start to suffer and finding repayments is a real struggle. In the meantime you are accruing arrears and getting into more and more debt. If you are worried about losing your home because of property debt, don’t ignore the problem, do something about it.”
“Is your property no longer suitable?
Nothing beats the feeling of buying your first home together. A place to start a family and look towards the future.However, as your family grows, you may find your home becomes too small and you need to move. Like many others, you could find that your house is now worth less than when you paid for it.”
“Interest Only and no way to repay?
Are you one of the 1000s of homeowners in Northern Ireland who were sold an Interest Only mortgages without any real prospect of paying this off.Burying your head in the sand and waiting for interest rates to rise will not fix the problem.”
“Need to sell?
Finding yourself in a situation where you have to sell your home, due to marriage breakdown or a property that is no longer suitable can be really tough. The market can be turbulent and you may find that your home is worth considerably less than when you first bought it. If you want to sell in a hurry then you may have to sell at a loss.”
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How is home equity calculated?
Home equity is calculated by subtracting the amount you still owe on your mortgage from the current market value of your home.
Can you have negative equity?
Yes. With standard loans, your home equity will increase over time. With negative-amortizing loans — a loan with monthly payments less than the interest rates — your equity decreases over time as your owed balance increases.