6 Reasons Why Banks Will Write Off Property Debt

Are you currently stuck with a big mortgage, maybe one that’s more than your house is worth, and you need to move, for a new job, or because your family is growing, but you don’t want thousands of pounds of debt chasing you around for years? There is a solution!

Bank Write Off Debt

| Overview

The banks are writing off property debt and here’s why!
Secrets the banks don’t want you to know about your mortgage debt.
We see it every day. As the leading property debt specialist in this UK,  we work with the banks on behalf of our clients, we’ve already helped hundreds of home-owners to wipe out millions of pounds in property debt. We can do this because we understand how the banks work and we have excellent relationships with them. We have ex-bank staff working on our team, so you are advised by some of the best legal professionals.
Given the recent economic climate and the sheer volume of negative equity across Northern Ireland and the UK, the banks are beginning to change how they think about property debt.  We’ve perfected a system by which we negotiate with the bank on your behalf. Negative Equity UK ensures all the details of your case are uncovered giving you the best settlement that will suit you and your current financial status. 
There are lots of reasons why the banks are writing off property debt here’s 6 of those we encounter most often:
1. They don’t want to go to court: If you have had issues and missed mortgage repayments, you may have had letters from the bank or their solicitors. Regardless of what those letters say, taking you to court is the last thing the banks want to happen its expensive and they’re left with a property that they don’t want.
2. Banks don’t want to repossess: Repossessions are bad news for everyone. For the banks, they’re left with an empty property that may be vandalised and can be challenging to sell. They typically sell for 20% less than actual market value. If that sale price is less than what you owe, you still owe the bank the difference.  The banks know they probably won’t get all their money back, but they still want to get as much money back as possible. They choose to work with us because as part of our process, we spend a lot of time and effort in marketing your property to achieve the best possible price.
3. It costs the bank money: Banks aren’t in the property business. They’re in the money business. So they need to pay people to sell properties, and that costs them money. In many cases, those properties that go to auction rarely achieve anywhere near the market price. Properties sold on the open market rarely achieve their market value.
4. Banks want the market to start moving again: People trapped in properties are bad news for everyone. You can’t move up the ladder so inturn people can’t get on the ladder and that affects the banks market for lending. Helping you to move on in a way that is acceptable for everyone, boosts the property market.
5. Its all about affordability: If you can no longer afford to make your repayments, the lender must take this into account. This is because they have a duty of care to you, their customer, and they must take into account your changing circumstances. In most cases, we can put together a proposal that suits your situation and is agreeable with your lender.
6. Banks want closure: They want proper closure, they want to know a recognised, licensed third party has adequately done everything. So they trust the team at Negative Equity UK to do exactly that.

| How can we help

We achieve solutions that are agreeable to all. Negative Equity UK brings everything together, in one straightforward process, doing the legwork and everything else it takes to deliver a solution that suits you and makes the bank happy too. Get debt help now!

Our team of property debt specialists offers a range of possible solutions based on your situation

Whatever your circumstances, the process starts with a case review. We will obtain all of the original documentation on your mortgage from your lender so we can assess your needs and work out the best way for us to help you

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