No one could have forecast the shock, impact and speed of the economic crisis that followed the pandemic. But with scores of borrowers having to experience loss in income, repaying their Mortgages has been greatly impacted. Despite the temporary reprieve offered by the UAE government, the long-term impact of dealing with Mortgage Debts have begun to weigh on many. In this situation, some homeowners may want to move out of the UAE altogether to escape their mortgage commitments, but the ramifications can be immense.

Banks have the right to seize the end-of-service benefits for Mortgage customers if they doubt repayment capability and the Loan to value exceeds the threshold. Here’s how it can be circumvented with the help of a successful Mortgage Debt Management service.

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?

The economic crisis due to the COVID19 pandemic 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.

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.

Several countries are facing a public health crisis due to the COVID-19(Novel Coronavirus) pandemic. With no definitive treatment for the virus and the increasing number of cases every day, there seems to be no end to the pandemic soon.

As the UAE Government declares newer measures and strict lockdown hours, it’s clear that the health threat is going to seriously affect the solvency of businesses and individuals. The government is doing its best to lessen the impact of the virus outbreak on the economy. But there is no denying that the crisis at hand will have a knock-on effect on the financial system.

The UAE Cabinet has approved the new Federal Law for regulating insolvency cases from 2020. The law intends to protect honest debtors from facing legal persecution and decriminalises financial obligations of insolvent borrowers. It also provides support in the form of an opportunity to work, be productive and provide for their families.