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CaseStudy – Swiss Franc Mortgage on Paphos, Cyprus Property
The Problem: Our client purchased a property in Paphos, Cyprus over 10 years ago on what seemed to be an attractive Swiss Franc mortgage product. Since then, with an opening balance of over CHR 300,000, the debt had risen by CHR 50,000 due to unaffordability of payments and dramatic rise in interest rates and fluctuations in exchange rates.
It came to a point where the client needed to deal with the problem ahead and rid themselves of this debt and property which was basically burdening their lives. In an attempt to recover funds, the client valued the house for sale. Disappointedly but not unexpected, the value of the property had drastically declined, leaving the property in severe Negative Equity.
Facing the possibility of repossession and having the lender taking action in the UK in an attempt to recover the outstanding debt, our client offered the bank £15,000 and voluntary surrender of the property, all without expert advice. The offer was declined.
After falling short on trying to negotiate with the lender on their own behalf, our client then sought professional help with ourselves; EU Property Solutions. Having previously negotiated on Swiss Franc Mortgages and outstanding liabilities, our experts developed a unique strategy based on the client’s needs and circumstances. Along with land registry issues, our legal experts intensely negotiated the terms of the product and feasibility on client’s behalf.
After successful dealing with many parties involved, we achieved a consensual sale of the property and settled on a full and final settlement of €10,000, which achieved a fantastic saving of over €115,000 for our clients. With quick action from our experts, using extensive experience in this area, we achieved a quick settlement which the lender absorbed the majority of costs after the settlement of £10,000 was paid.
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