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Over thousands of residents have registered to be repatriated from the UAE due to the COVID19 crisis. The economic crisis has resulted in many Job losses. salary cuts & business income loss. With no alternate options in sight, many have decided to return to the home country to sit out their economic troubles.
So what happens if you have no other option but to leave the country with a Mortgage in the UAE? And what are the different solutions that will help you resolve the debt without any legal implications?
[/vc_column_text][vc_custom_heading text=”Should you leave with the Mortgage behind?” use_theme_fonts=”yes”][vc_column_text css=”.vc_custom_1589377000132{margin-bottom: 20px !important;}”]
No. Leaving the country will not help you get rid of the Mortgage Debt you leave behind. Instead, banks can legally pursue debt collection through various measures. Read more about the law here. And with every passing month, the interest will only get accumulated to an amount that will become impossible to pay. Also, you will be shutting all the doors to come back in the future and work in the UAE.
[/vc_column_text][vc_custom_heading text=”What should be the plan of action?” use_theme_fonts=”yes”][vc_column_text css=”.vc_custom_1589377081969{margin-bottom: 20px !important;}”]
It would be best to talk to the bank and evaluate your options. Under the new central bank guidelines for borrowers who are impacted due to COVID19 pandemic, the banks will make exceptions for honest borrowers.
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If you plan to leave the country, it is recommended that you clear your outstanding Mortgage Debt to avoid any future legal proceedings.
[/vc_column_text][vc_custom_heading text=”How does Debt Settlement work?” use_theme_fonts=”yes”][vc_column_text css=”.vc_custom_1589377129133{margin-bottom: 20px !important;}”]
Debt Settlement takes place based on various aspects such as your employment status, property value, rental yield, debt burden ratio & repayment history of the loan.
Mortgage Settlements involve analysing the market value of your property, finding a suitable buyer for it and negotiating with the bank on a reduced repayment sum in case the market value does not cover the loan outstanding.
Understand that a lot comes into play during Debt Settlement.
[/vc_column_text][vc_custom_heading text=”How can we help?” use_theme_fonts=”yes”][vc_column_text css=”.vc_custom_1589377178251{margin-bottom: 20px !important;}”]
We are exclusive Mortgage Debt Management experts with over 40 years of management experience in the financial services and real estate sector. When you let us manage your Mortgage, We will:
[/vc_column_text][vc_row_inner][vc_column_inner width=”1/2″][stm_icon_box box_style=”style_4″ alignment=”center” icon=”stm-suitcase-2″ icon_size=”40″]Represent you at the bank, developers and real estate brokers even if you have to leave the country[/stm_icon_box][/vc_column_inner][vc_column_inner width=”1/2″][stm_icon_box box_style=”style_4″ alignment=”center” icon=”fa fa-building” icon_size=”40″]Assist you in selling the property and securing the best market value[/stm_icon_box][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner width=”1/2″][stm_icon_box box_style=”style_4″ alignment=”center” icon=”fa fa-handshake-o” icon_size=”40″]Negotiate the best possible settlement with the bank for the closure of your debt in case the sale value of the property does not cover the loan outstanding[/stm_icon_box][/vc_column_inner][vc_column_inner width=”1/2″][stm_icon_box box_style=”style_4″ alignment=”center” icon=”stm-stats” icon_size=”40″]Help build back your credibility so you can come back to the UAE in the future[/stm_icon_box][/vc_column_inner][/vc_row_inner][vc_column_text css=”.vc_custom_1589377462042{margin-bottom: 20px !important;padding-top: 40px !important;}”]
Contact us at info@freeduae.com for more information or share your email address and contact number to get a call from us today
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