Writing Off A Mortgage - Does This Help?

By Author: Kirthy Shetty
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Filing bankruptcy is not a solution to pending loans or creditor's harassing calls. You have an option to write off your loan legally. But make sure that you reach out to a genuine company which is backed by government authorities or any other government bodies so that you are safe and are carrying out all the procedures legally.

What do you mean by a write off of debts?

If you have mortgage dues and are unable to pay back your lender, you can see if your creditor's agreement signed between you and the lender has any loopholes. If your loan was approved with out any proper documentation, you can prove it to be an ‘unenforceable agreement'. In other words this creditor's agreement is invalid and no lender can claim any loan amount due. This agreement will be cancelled and the creditor is free from the clutches of the lender.

Who can help?

It is important to reach out to the right company which can help you prove that your agreement is unenforceable. Only if there was no proper documentation it can be proved as being unenforceable, not other wise. This company will see if there is any such loop ...
... hole. They should be backed by a Government authority.

What kind of finances can be covered under this?

Construction loan, car finance, insurance, unsecured loan, secured loan and consolidation loan and credit card debt etc can be covered and written off easily. This has come into practice due to the application of Consumer Credit Act 1974.

Soon after, your company has proved this loophole, the agreement between you and the lender no more exists. It becomes nullified and no lender can claim back the money from you.

For the business owner considering a commercial mortgage modification, an assessment of the company's future, and the mortgage holder's own goals can help in deciding whether a modification is the answer to your problems, or an exercise in futility. For some business owners, mortgage default and allowing the bank to exercise its interest in the security may be financially superior to the alternative of fighting to keep the business going. If your long terms goals do not sync with the mortgage modification plan, then even if you obtain a commercial mortgage modification, it is likely to fail sometime later down the road. Understand the pros and cons of it before you decide to take a move!

Kirthy Shetty, Expert Author. Information on Commercial mortgage: Commercial MortgageGet more information on: Investment Commercial Property