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What are the options with negative equity?

As more and more people in the UK face of the problems of negative equity, many are now looking around to see exactly what their options are. Unfortunately, for those looking to downgrade their properties and therefore crystallise their position before it gets any worse, the market in the UK is still very much subdued. Remortgaging at this moment in time is also not an option for many in the UK with liquidity very thin on the ground to say the least.

One avenue which many people seem to dismiss is the law courts and the fact that there are rules and regulations which do afford some protection to homeowners in difficulty. Ultimately any repossession needs to go before the courts at which point it can be refused on a variety of grounds. However, for those who are fortunate enough to receive more breathing space to address their problems this is only delaying the inevitable unless the UK economy picks up in the short to medium term.

Those who are suffering from negative equity or perhaps on the brink of this most worrying of situations, it is vital that advice is taken as early as possible because to be forewarned is to be forearmed. Know your rights and know exactly what to expect!

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