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'Negative Equity NI' - worth the £300 fee?
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The banks don't negotiate when they don't have to, unless you are in arrears they don't have to so right now their asset is still safe and time will even it out eventually.
They will not at this point consent to selling or take a hit so would rather sit it out as long as the interest is being paid.
With so many homes in NI in negative equity they would lose billions if they decided to let people off with the balance. This would all change if your in serious arrears and had a proposal that would be better for them than repossession0 -
Mortgage Express + Letting + Negative Equity = Very Bad.IANAL etc.0
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The banks don't negotiate when they don't have to, unless you are in arrears they don't have to so right now their asset is still safe and time will even it out eventually.
They will not at this point consent to selling or take a hit so would rather sit it out as long as the interest is being paid.
With so many homes in NI in negative equity they would lose billions if they decided to let people off with the balance. This would all change if your in serious arrears and had a proposal that would be better for them than repossession
We're not in arrears at all, will this go against us then? We're making a profit each month from rent.0 -
I have used this company in desperation of help! The first visit I was promised the world - it would be an easy fix and an easy way out! 2nd visit I paid £300 for it was more realistic and there are no quick fix solutions! It was nothing that debtactionni wouldn't do for FREE! So go see debt action ni first.
If you have plenty of spare money then they might be able to help, me... I'm £300 worse off.0 -
Went to see these people again today (2nd time).
I've a good understanding of mortgages from working in a bank, (not good enough to have avoided negative equity!). What I've been told makes sense so far.
Basically I'm told I've a "good case". £153000 mortgage, offer now of £95,000. Being told ill get away with under £10,000 as settlement.
They sorted out my sister so hopefully can do the same for me. Fingers crossed.0 -
Id say this will almost CERTAINLY be a too good to be true and not get you what you want OP.
If it were possible to do what they claim, there would never be negative equity problems and this company would be worth an absolute fortune. They look like a bunch of amateurs judging by their website which they would not do if they could actually do what they claim.
Property and investment lawyers and anyone legitimate do not run off sketchy websites because they dont have to.0 -
We're not in arrears at all, will this go against us then? We're making a profit each month from rent.
What is going against you? The only reason lenders do deals is that they are getting something out of it and can't see a way of getting any more. So if they want to reduce their mortgage book they are more likely to negotiate, if they see prices not increasing they are more likely to negotiate now, if they see that you will not be in a position to clear the shortfall for decades they may do a deal.
On the other hand, if they see rising prices, your increasing income etc they won't want to deal.
Talk to them and discuss the scenario.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
100%. If you want out (ie this house sold) just get it done. I've seen quite a few of these, my sister did this last year (her own house).
A couple of friends have also admitted they've done these types of deals.0 -
Id say this will almost CERTAINLY be a too good to be true and not get you what you want OP.
If it were possible to do what they claim, there would never be negative equity problems and this company would be worth an absolute fortune. They look like a bunch of amateurs judging by their website which they would not do if they could actually do what they claim.
Property and investment lawyers and anyone legitimate do not run off sketchy websites because they dont have to.
I don't really get your rationale but whatever. Worked for my sis. I'm expecting it will work for me.0
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