[vc_row css=”.vc_custom_1452687555475{margin-bottom: 100px !important;}”][vc_column offset=”vc_col-lg-9 vc_col-md-9″ css=”.vc_custom_1452702342137{padding-right: 45px !important;}”][vc_custom_heading source=”post_title” use_theme_fonts=”yes” el_class=”no_stripe”][stm_post_details][vc_column_text css=”.vc_custom_1587561691039{margin-bottom: 20px !important;}”]Countries across the globe are facing economic ramifications due to the current COVID19 (Novel Coronavirus) outbreak. Even with well-measured steps by the government to contain the economic breakdown, in the long run, the fear of salary cut and job loss can be an important factor for individuals with Mortgage Debts. During such a crisis, many borrowers might be tempted to relocate or go back to their country to avoid repaying Mortgage Debt.
Let us tell you that no matter how attractive it may sound, fleeing the country isn’t the right option.[/vc_column_text][vc_custom_heading text=”What happens when you flee?” use_theme_fonts=”yes”][vc_column_text css=”.vc_custom_1587561765102{margin-bottom: 20px !important;}”]The bank will seek legal counsel and initiate legal action against you in case of bounced cheques and absence from the country. They will pursue Debt Collection with the help of affiliates and overseas agencies representing them in your country. UAE banks can also initiate direct legal action on defaulters in home countries. This means that the verdicts of UAE courts can be enforceable wherever you are living.[/vc_column_text][vc_column_text css=”.vc_custom_1587561778404{margin-bottom: 20px !important;}”]
If you are planning to run away from the country without informing your bank, you will still be liable to pay the amount back. This amount can become impossible to repay since it gets compounded every month you stay away.
[/vc_column_text][vc_custom_heading text=”The Law that supports honest borrowers” use_theme_fonts=”yes”][vc_column_text css=”.vc_custom_1587561838421{margin-bottom: 20px !important;}”]Well, for starters scratch the idea of fleeing. The new Insolvency Law has many provisions for individuals like you.[/vc_column_text][vc_row_inner][vc_column_inner width=”1/2″][stm_icon_box icon=”fa fa-gavel” style=”icon_left” icon_size=”40″ icon_width=”60″]If you are an honest borrower facing unforeseen circumstances, you will receive support from the court and bank[/stm_icon_box][/vc_column_inner][vc_column_inner width=”1/2″][stm_icon_box icon=”fa fa-thumbs-up” style=”icon_left” icon_size=”40″ icon_width=”60″ css=”.vc_custom_1587562435985{margin-right: -40px !important;}”]You will get to sit with a court-appointed financial planning expert to evaluate your options and come up with a new repayment plan that fits your financial situation[/stm_icon_box][/vc_column_inner][/vc_row_inner][vc_column_text css=”.vc_custom_1587562477345{margin-bottom: 20px !important;padding-top: 20px !important;}”]
The Central Bank of UAE has also provided temporary relief to individuals facing a financial crisis during the current pandemic. You can avail a payment deferral from your Bank depending upon your job situation.
[/vc_column_text][vc_custom_heading text=”How to approach?” use_theme_fonts=”yes”][vc_column_text css=”.vc_custom_1587562507249{margin-bottom: 20px !important;}”]Typically, your approach would be to talk to your Bank and file the necessary paperwork in court. When you move your application, there will be a lot of legal paperwork and negotiations taking place for Mortgage settlement. In such cases, we recommend approaching Debt Management Experts to help you talk to the bank and handle the entire application process.[/vc_column_text][vc_custom_heading text=”Exclusive Mortgage Debt Management Services” use_theme_fonts=”yes”][vc_column_text css=”.vc_custom_1587562542843{margin-bottom: 20px !important;}”]We at FREED Financial Services LLC understand your situation that can drive you to take drastic measures such as fleeing the country. Rest assured we’ll come up with a Debt Resolution plan without resorting to any legal procedure. Our 40+ years of management experience comes with key affiliations with Banks and Developers. We will represent you to Restructure or Settle the Mortgage Loan keeping your interest as our priority.
Do not hesitate to contact us for more information and advice. We are here to support.[/vc_column_text][stm_post_bottom css=”.vc_custom_1586759966165{padding-top: 20px !important;}”][stm_post_comments][/vc_column][vc_column width=”1/4″ offset=”vc_hidden-sm vc_hidden-xs”][stm_sidebar sidebar=”527″][/vc_column][/vc_row][vc_row full_width=”stretch_row” el_class=”third_bg_color” css=”.vc_custom_1451889219674{margin-bottom: -60px !important;}”][vc_column][vc_cta h2=”Want to learn more about Mortgage Debt Management?” h2_font_container=”font_size:20px|color:%23000000|line_height:24px” h2_use_theme_fonts=”yes” shape=”square” style=”flat” add_button=”right” btn_title=”Contact Us” btn_style=”flat” btn_color=”theme_style_2″ btn_align=”right” btn_i_align=”right” btn_i_icon_fontawesome=”fa fa-chevron-right” particles=”yes” use_custom_fonts_h2=”true” btn_button_block=”true” btn_add_icon=”true” el_class=”third_bg_color” css=”.vc_custom_1578049126535{margin-bottom: 0px !important;}” btn_link=”url:http%3A%2F%2Ffreeduae.com%2Fcontact-us%2F|title:contact%20us||”][/vc_cta][/vc_column][/vc_row][vc_row][vc_column][/vc_column][/vc_row]
