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A couple from Northern Ireland purchased their dream home on the beautiful island of Cape Verde in 2008. The property was located in the Vila Verde complex on the Sal Island.
Whilst initially the investment proved fruitful and proved to be an excellent holiday home, the couple soon found themselves in difficulty due to negative equity at home, and other unsecured debts. They had to prioritise their home debts and fell into arrears with their Cape Verde lender.
The couple was notified that the bank wished to proceed with repossession of the property and pursue them for the outstanding balance, as, the property would, unfortunately, be sold at a loss of €15,000.
EU Property Solutions where appointed and swiftly agreed for the couple to voluntarily surrender the property to the Bank along with a debt write off. An excellent result, given that this is one pressure dealt with for the couple, who can now focus on their home affairs.
This was EU Property Solutions first case completed in Cape Verde and we worked excellently with the lender. We now understand the process and law under which these mortgages are governed, and should you have any property debt issue in Cape Verde, please call EU Property Solutions today on +44 (0) 330 124 1230