We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
'Negative Equity NI' - worth the £300 fee?
Comments
-
In 2007 we bought a house for 141k and paid a deposit of 13k leaving a mortgage of 128k. We had outgrown the house and moved out in 2010 and let the house out. The house is now worth about 80k so we have negative equity and are unable to sell.
I contacted 'Negative Equity NI' to see if they could negotiate on our behalf. The first consultation is free and we meet them on Wednesday. The next step is paying £300 for them to look up all our records etc.
Is it worth it? Are they usually able to negotiate a reduction on the debt if your situation changed? (2 children came along). Our mortgage is through 'Mortgage express' who have been taken over by bradford and bingley and they want rid of their mortgages so this may work in our favour?
Has anyone had experience with these companies? Any advice would be great, thanks.
Hiya - my settlement was completed on Friday so thought I'd share my experience.
The house sold for £95,000. It took quite a while ie a lot of negotiation after the offer was made and the sale went through.
Negative equity was £57,800. They (mortgage company) wanted £8,600 which they got last week. I borrowed this - better paying back £8600 than £57000! I met Negative Equty NI again they gave me a letter from the company stating thats it settled. Definately recommend.
:beer:0 -
Can I ask did you have to go into arrears and miss payments for them to agree to write of the debt?0
-
hey, not in all cases do you have to be in arrears for the bank to do something. it depends on your lender & your situation.0
-
In 2007 we bought a house for 141k and paid a deposit of 13k leaving a mortgage of 128k. We had outgrown the house and moved out in 2010 and let the house out. The house is now worth about 80k so we have negative equity and are unable to sell.
I contacted 'Negative Equity NI' to see if they could negotiate on our behalf. The first consultation is free and we meet them on Wednesday. The next step is paying £300 for them to look up all our records etc.
Is it worth it? Are they usually able to negotiate a reduction on the debt if your situation changed? (2 children came along). Our mortgage is through 'Mortgage express' who have been taken over by bradford and bingley and they want rid of their mortgages so this may work in our favour?
Has anyone had experience with these companies? Any advice would be great, thanks.
Did you ever get sorted?0 -
Rover25 no I didn't have arrears, though my sister did. I don't know the ins and outs of this but it didn't seem to take any longer or cost more either way.
Hope this helps. B0 -
Hi....did you ever get anything sorted?0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.2K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.2K Work, Benefits & Business
- 600.9K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards