What are my options if my home is in negative equity?

Despite the length of time since the initial downturn in the property market in Northern Ireland, negative equity is still prevalent. The problem facing many is that the decline was massive and any recovery simply isn’t of substantial amount, nor pace and also we are starting from a low point so any property price rise is small and almost irrelevant in reducing negative equity shortfalls still faced by thousands.

NOT the case and Bell & Company’s Resolution team deal with Negative Equity cases day in day out and regularly achieve life changing settlements for our clients.At Bell & Company we hear people refer to themselves as mortgage prisoners, trapped in Negative Equity with no option. This is absolutely

If you are in Negative Equity you have the following options:

1. Keep the property and maintain payments. Yes, you are essentially paying for a negative asset but if it is your family home or the property has sentimental value than this option does exist. Granted it is not plan A but this is the market we find ourselves in.
2. Appoint Bell & Company to:

• Negotiate on your behalf with your lender to achieve an open market sale and once the Mortgage Shortfall is calculated we can liaise with your lender or their appointed collection agent to achieve a much reduced Full & Final Settlement, or
• If you are in arrears on the mortgage account, you can voluntarily surrender the property or allow the property to go through the repossession process. Despite being surrendered or repossessed the borrower (you) is still liable for any mortgage shortfall resulting from the sale of the property in possession by the lender. Bell & Company assist throughout this process, or
• If you are in severe financial difficulty there is always the availability of Personal Bankruptcy. This is the very last option but despite its negative connotations can prove to be a useful tool.

Bell & Company work with Northern Irish and mainland UK lenders. We understand how each different lender works and the requirements they have in finalising an amicable conclusion. If you are in Negative Equity, please call us today on 02895 217373 to arrange your free initial consultation. Our expert advisors can go through your case and tailor the RIGHT advice to your situation. We are always up front and do not say what you want to hear but give you realistic options.

We look forward to assisting you.