Mortgage shortfall debt collection advice

A mortgage shortfall can happen if your home has been repossessed, or you have handed back the keys and the amount your home has been sold for, is less than any outstanding mortgage or secured loans. In some situations where you have had your home repossessed, or have handed back the keys to your mortgage lender, you may later be told you still owe money. This happens when the amount your home is sold for is not enough to pay the outstanding mortgage and any secured loans.

Mortgage Shortfall Settlement

Mortgage Repossession Hearings
First of all if you want a mortgage shortfall settlement get in touch for a free no obligation consultation. Possession hearing take place so that a judge can decide whether you can afford to pay to keep your property. It doesn’t automatically mean you'll lose your home.
Mortgage Repossession Advice
Our expert advisers can give you specialised advice on the repossession of a mortgage process. We may also be able to help you come to an arrangement with your lender before the case goes to court, or if it has already what to do next.
Mortgage Legal Action
Initially your lender must consider any reasonable suggestions you make to pay off your mortgage arrears. Before repossessing your home, your lender must try to give you a reasonable chance to pay back the debt.

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High Courts

Although lenders must start court action in the County Court, if the debt is not a consumer credit agreement then the lender can try to enforce the judgment in the High Court. If this happens, contact us for advice. The forms used in the High Court are more complicated. You may want help with completing these, especially if you want to pay the debt back in installments.

Joint Mortgage Debt

If your mortgage was in joint names, you need to check what the other borrower has done. If they have acknowledged the debt it doesn’t affect you. However, if they have made a payment towards the debt, the limitation period starts running again from the beginning for both of you from the date they last made a payment.

Find Out If We Can Help Wipe Off Any Of The Balance

 There’re schemes that might help to get a percentage of the debt written if you qualify for government legislation. This scheme usually helps people who have got over £5,000 worth of unsecured debt.

Repayment Of Mortgage Debt

You may be able to repay a mortgage debt over several years. Your options could include; paying a lump sum as a full and final settlement, make arrangements to pay off all or part of the debt in installments over an agreed period of time, ask your lender to write off all or part of your debt or you could try declaring yourself bankrupt. Get advice about repaying mortgage debts with a specialist adviser who can help you to work out the best way to deal with your debt and negotiate with your mortgage lender.

Find A Debt Solution

Free Debt Management Plans

Debt Management Plans are available across the UK. So regardless of where you live in the UK, if you’re struggling to keep up with payments to your debts. Also a DMP could help you to get your financial situation back on track.

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Debt Consolidation Advice

Consolidating debt usually involves taking out new credit to pay off existing credit. Most people do this to reduce the interest rate on their debt, and to bring down their monthly payments. Also people consolidate to reduce the number of companies they owe money to each month.

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Individual Voluntary Arrangement

An Individual Voluntary Arrangement (IVA) is an agreement with your creditors to pay all or part of your debts. You can agree to make regular payments to an insolvency practitioner, who will divide this money between your creditors as well as clear any remaining debt at the end of IVA.

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Debt Relief Order Advice

A debt relief order can be a low cost alternative to bankruptcy, but is only available to certain people as a criteria. If you owe than £20,000 and live in England, Wales or Northern Ireland then there is a chance you qualify. You don’t pay anything towards your debts for 12 months and the debt is written off after this too.

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Protected Trust Deed

A trust deed is a legally binding arrangement in Scotland where you make reduced payments over 4 years. Also at the end of this your unsecured debts are usually written off, and your debt show as paid.

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