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“What is negative equity?”
Do you ever ask yourself-What exactly is Negative Equity and what does this mean for my home abroad? This is completely understandable; we hear these questions frequently from concerned clients.
Almost 12 years ago pre 2007 crash, many people purchased property in Spain and across Europe at the height of an inflated market taking on a huge amount of debt, this later resulted in many of these individuals facing major financial issues. Since then negative equity on foreign property has become a serious issue with many of our clients feeling trapped with very little guidance and unable to move on.
The threat of crippling debt left after a sale may be enough to prevent anyone considering a sale or move, many of our clients feel the only option is to wait until house prices rise. However, the market may never return to the prices they once were, leaving the owner in a predicament to say the least.
We have a client who after 10 years is now seeing his mortgage repayments increase from €580 per month to over €2200 per month. These increased mortgage repayments are accumulated after the interest-only phase of the loan ends and the repayment structure of the loan starts.
What does this mean?
It can all seem a little confusing and daunting knowing you are in Negative Equity; however, help is at hand.
If you or anyone you know face any of the above issues please note that here at EU Property Solutions we encourage anyone facing any financial issues to be proactive and contact us for a free consultation; where we will give you professional advice specific to your case and needs.
What do we do next?
- It is imperative to speak to professionals.
- Get to know the facts.
- Use trustworthy people who know what they are talking about with proven track records.
We have a dedicated, specialised team who will use their experience with hundreds of lenders across Europe, to fully explain the full ramifications and options available to you. Our frank approach will be considerate to individual circumstances.
EU Property Solutions can take back your control. We are living proof that deals can be done. Banks will never tell you this as it is not in their interests to do so.
We have many past clients you can speak to, that will demonstrate that with Negative Equity across Europe help is available e.g. Click Here.
If you need some specific tailored advice on selling property in Negative Equity in Europe call our office today on 0330 124 1230 or email [email protected]