How Mortgage Debt Management Works in the UAE
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How Mortgage Debt Management Works in the UAE

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?

Seven Steps to Successful Mortgage Debt Management

Before you begin, gather all the essential documents including bank statements, termination/salary reduction letter, cash flow position, other assets and borrowings. You will also need a covering letter explaining the series of events that has led to this situation and the reason you need to restructure or settle your debt. Having these documents handy will both speed up the process with the Mortgage Debt Management expert and help you make a strong case.

1. The expert will analyse your current financial situation, rental yield, the market value of the asset and your Debt Burden Ratio. This will determine the plan of action, i.e. whether to restructure or settle the Mortgage Debt.

2. The expert will need a Power of Attorney to represent you. Once that is done, s/he can begin negotiating a repayment plan with bank officials on your behalf.

3. Extension of tenure, lowered interest rate, step-up option or a brief moratorium period are some of the options the expert is likely to put forward during negotiations. In case you are leaving the country and the market value of your property does not cover the loan outstanding s/he will negotiate a settlement plan on the shortfall with the bank.

4. Once negotiations are completed the expert will recommend the best possible solution for you. A formal request, accompanied with all the necessary paperwork, is then initiated with the bank.

5. The bank will conduct its own investigation based on the paperwork you have submitted. This may include verifying the income statement, conducting credit bureau check and/or initiating property valuation.

6. Once the bank approves and accepts your application, the expert will oversee the signing of the settlement agreement or a restructured offer letter terms between you and the bank. At this stage, the settlement cheque is submitted to the bank.

7. You will receive an official Mortgage Release Letter for a settlement plan OR the loan is rebooked with a revised restructured terms.

How can FREED Financial Services help?

We provide exclusive Mortgage Debt Management service to borrowers in need of closing or moderating the liability. Our key affiliations with banks and 40+ years of management experience in the field of real estate and banking helps us to find a better solution for your Mortgage-related issues.

If you want to learn more about our services and how we can help you, please write to us at [email protected] and we’ll call you back for a free consultation.

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