Have you moved on to a new life abroad and left a property debt behind?
Thousands of expats across both the U.K and Ireland who have emigrated to a new life abroad still face property legacy issues at home. As a result, this has become an increasing predicament as many expats cannot truly start afresh in a new country whilst knowing that a property matter left behind remains unresolved.
The stark reality of all of this is that this problem will just simply not go away just because you are living abroad. Mortgage arrears will continue to build and build on your property and increased negative equity can run into tens of thousands of pounds or euros.
To add to this issue, when a property is repossessed which it eventually will by the lender, the property will normally be sold for less than the market value which adds even more to the shortfall. In these cases the lender will also add further charges to deal with the property disposal along with management fees and any other fees they wish to add onto their total bill.
In addition to this often the lender will spend a period of time trying to find you in an attempt to get the debt paid, failing that and after a number of years what happens next on many occasions Is that the primary lender will sell the debt at huge discount to usually wealthy fund, who will then spend the next number of years trying to track you down. In the round it’s not a situation you want to find yourself in however unfortunately it is something that we see too many times.
Our view on this is that it is imperative you act today to resolve this matter. Burying your head in the sand or assuming that you are out of reach from your lender is not a road you want to be going down. We STRONGLY advise that you take IMMEDIATE ACTION and face the music head on with the appropriate advice of course.
What should I do?
If you find yourself in this position, it is important you now take immediate action. A common misconception for borrowers and those now living abroad is that you cannot sell a property if it is in Negative Equity. This is quite simply incorrect.
Therefore, you will need to market the property and you will need the lender to consent to sell the property if the sale price is not going to exceed the debt. It is also important to note that the lender will request you repay the remaining debt (in full).
The debt left over is known as a “debt shortfall”. The lender will expect a borrower to put in a proposal to address this debt shortfall and this can include full payment or part payment to settle the full liability.
Debt is an affordability issue, so you can only be expected to pay what you can afford to pay. Payment can come from your monthly disposable income for an agreed period of time or payment from a lump sum you may receive, for example from a family member or friend.
Subsequently, once your property has been sold and that property matter left behind successfully resolved, then you are then free to get on with your new life abroad.
What we can do to help?
Since 2010, GDP Equity Experts have helped hundreds of families deal with debt related issues and in particular legacy debt related issues. These kinds of debts like a property problem left behind by someone now living abroad will just keep on grinding, and grinding and grinding away at individuals lives.
In 2018, alone, we have helped many people who live in Europe, Australia and America who left these shores to better themselves, but also walked away from debt positions that need to be sorted out. We have been able to resolve the positions allowing our customers the peace of mind to get on with their lives.
Our team are well placed to help you today whether you reside in the U.K, Ireland or abroad. GDP Equity Experts take pride in our first-class advice and assistance that we offer. We will work closely with you from the very start of the process as we know what is expected and how to get you to where you want to go.
It is quite simple; we WANT to hear from you today because we WANT to help you today.
If you would like to download a copy of our e-book: 7 step guide – breaking free from negative equity, then simply just hit the button below.