Negative equity help?

Negative equity problems

Rescue My Properties is the leader in helping landlords with buy to let portfolios deal with negative equity problems.

What can I do about negative equity?

Negative equity solution: Stay put

• If you can, stay in your home and slowly pay off your mortgage
• Give it a few years and prices might rise and you will find yourself in positive equity, although this will be hugely dependent on the economy and your locality
• This will either be because property prices have risen, or because you have paid of some of your mortgage
• Negative equity only becomes a problem when you sell your home, or if you want to borrow against it
• Reduce your debt
•   If you have some savings use it to pay off some of your debt. Mortgage rates are almost always higher than savings rates, and you also pay tax on savings interest, so the best return you can get on any spare money you have is to pay down your mortgage
• Most mortgage companies allow you to pay off up to 10% without penalty, though smaller repayments are also helpful. Check your contract to make sure/span>
• If you are struggling with your mortgage repayments you could end up having to sell your house. This is a problem at the best of times, but is a particular problem if you are in negative equity. But there are a number of steps you can take to avoid repossession

Negative equity causing problems? Seek professional advice

Because you could end up in serious debt you should seek a professional advice

• There are a number of places you can go for free, confidential, independent, unbiased and professional advice like Rescue My Properties, Management Consultants For You, Shelter and National Debt line.
• Speaking to a real person with experience is far more efficient than trawling through the internet. You can explain your position, and they will be able to give advice tailored to your situation
• Sell and repay shortfall over time. Most mortgage lenders may allow you to sell your home and then pay off any shortfall over a period of time. Rescue My Properties team will have experienced negotiators to help implement this approach
• You will need your mortgage company’s permission to sell for less than the mortgage is worth
• If you have a lot of complex problems in relation to your finances and the basic ways of solving the problem are not clear, you will need to get an Asset Appraisal completed click here to book an appointment (goes to diary system)

Negative equity free consultations

Rescue My Properties have created a total solution to any property debt issue and can give you a free no obligation one to one consultation. book an appointment (links to vcita)

Or you can contact us on 0207 221 6536 to book an appointment with our Negative Equity Write-off team

Negative Equity in the press:

Negative equity affects 827,000 households, lenders say

8 August 2011  Last updated at 15:01 BBC News – business

http://www.bbc.co.uk/news/business-14445857  (link address)