Are We In Negative Equity? What Can We Do?
After the 2008 property bubble burst, people and Banks are still looking to resolve the issues that stemmed from those mad days. In some developments there has been catastrophic falls in value with mortgages thereon which at the time the seemed affordable. Time has marched on but we still find these issues and others not resolved.
Many clients are now coming to us as:
- Mortgages are moving from interest only to repayment……. a recent case saw the monthly instalment rise from €580 to €2,280 a month.
- Values are not and will not materially change in the medium term no matter what is to blame, Brexit, the £/€ rate etc.
- They were ultimately mis-sold products but the proof and the onus is difficult to pin on people and developers who are no longer here.
- Banks are intransigent in their approach as it is easier for them to say no to any request.
- The promised yields on properties never materialised and the property/mortgage is a constant drain on finances.
So if the value of your property is below the mortgage outstanding, you face Negative Equity. This is a real dilemma if you need to sell for whatever reason, because a sale will create a demand for payment on this shortfall.
Now all of that will happen unless you know the way the Banks are working and that is where EU Property Solutions come in.
We work across all of Europe with 100’s of clients and properties and act and fight hard for them. We stand up to the Banks and our team with selected associated professionals ensure you get the best chance here.
You have to know your powers/rights and use them and be proactive as this problem will not go away anytime soon.
We have many examples of work where we have achieved excellent outcomes for clients across Europe (& America!)
So if you face Negative Equity and any difficulty with your foreign property call us for to arrange a FREE Initial Consultation Call Karen on 0330 124 1230 NOW! Or email: [email protected]
STOP PRESS……. If you or anybody you know paid Deposit to a developer for an off-plan scheme that was never completed, you can now recover it……. we have the team to do this for you.