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DEBT CHASED IN UK ON A FOREIGN PROPERTY?

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PROPERTY DEBT SHORTFALLS- CAN THEY BE CHASED IN A DIFFERENT COUNTRY?

European Banks have the ability to pursue overseas borrowers for outstanding debts. It is as simple as that.

We read some advice which seems to suggest you are safe in your country of origin. This is incorrect and ignoring the issue will likely be putting any assets you have at risk.

European Banks are beginning to become more pro-active in the debt collection. The dust has settled on property market and general economic decline on the continent and Banks have been given the ultimatum to tidy up their loan books. Some have even been sold to Private Equity funds who are looking to make a return for their investors.

This will become a more prevalent problem and we urge overseas borrowers not to ignore their liabilities abroad. If you are being pursued in the UK or Ireland for an overseas property please contact us.

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LET US HELP YOU TO MOVE ON WITH YOUR LIFE...

EU Property Solutions always offer any potential client a free initial consultation. This can be done face-to-face in one of our three office locations, via Skype, a conference call or via email. We typically ask for standard financial information when meeting as this allows us to give you the best advice tailored to your circumstances. We are not here to judge, but to assist those who find themselves in difficulty and provide solutions to navigate to better positions. Our fees are always made open and transparent from the outset and there are no hidden fees or costs.

Our team has a fantastic attitude and will take openly and frankly with all our clients with the sole aim of achieving the best possible outcome. Please contact us at EU Property Solutions today and we look forward to meeting you soon.

We offer a completely free, no obligation initial consultation

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At EU Property Solutions we find it incredible so many British and Irish borrowers feel they can merely “hand back the keys” and walk away from the property thinking they are somehow immune to any consequences once back home.

Many borrowers simply post their keys through a Bank or representing solicitors’ letter box and make a run for it. It is actually something out of the movies! These debtors have the impression that creditors’ cannot pursue their home country assets and nor that the Banks have the time or resources to pursue overseas. This may be true in respect to small balances but in truth Banks are stepping up their overseas debt collection and debtors with this mind-set could be left to rue this misjudgement.

In order to promote free-trade commerce throughout Europe legal cooperation is essential and thus legal mechanisms are in place to facilitate overseas perusal. This makes it nigh on impossible for a UK or Irish High Court to raise its own motion on grounds for non-enforcement or review.

Anyone who signs a mortgage deed in Spain, including guarantors, is personally liable for the loan. Any legal action with likely be notified to the Spanish Address on which the mortgage has been placed, and although logical, many overseas borrowers in Ireland and the UK will be unaware of any proceedings against them until the process is gathering a pace.

In terms of debt perusal in the UK or Ireland lenders can look to recover your home assets and many lenders will appoint UK Debt Collection agents and this could lead to an effect on your home country credit report. The Spanish lender can look to put a charge on your property even if it already has an existing mortgage and can even enforce an Attachment of Earnings Order. Spanish lenders to seem to be developing a greater appetite for overseas debt perusal given the magnitude of balances and Banking system overhaul.

EU Property Solutions hear too often about people handing back their property keys and wiping their hands of Spanish lenders only to realise down the line in the future they are still liable and are being actively pursued, and most importantly discover THEIR OWN HOME IS AT RISK.

It is imperative that if you have surrendered your property you enter dialogue with the relevant lender to minimise the exposure and risk of your home assets. EU Property Solutions can assist anyone in this situation so please contact the team today.

DEBT CHASED SUCCESSES

CYPRUS-Our Experience To Date
August 14, 2019 | 0 Comments

EU Property Solutions have successfully completed cases where borrowers were suffering from Negative Equity issues in Cyprus. We wanted to share our experiences to date and outline the routes available for borrowers losing the Swiss Franc Mortgage battle. The majority of cases we resolve within Cyprus are as a result of mortgages being sold in…

WALL OF SHAME
August 8, 2019 | 0 Comments

EU Property Solutions settle cases across the Spanish Costa’s regularly and market research has identified over 250 developments where negative equity exists. We do have some regular “offenders” however the following developments make EU Property Solution’s WALL OF SHAME. Costa Blanca/Costa Calida Playa Golf Corvera Golf & Country Club Peraleja Golf Roda Golf Dream Hills Hacienda…

PROTECTING YOUR UK ASSETS
July 31, 2019 | 0 Comments

EU Property Solutions regularly encounter overseas borrowers who have walked away from a property in Spain simply handing the keys back to the Bank. Many have a flippant attitude believing that Spain’s sperate legal jurisdiction means no liability can be pursued in their home country. This is WRONG! We have assisted 2 borrowers who had…

THE CORRECT & INCORRECT WAY TO DEAL WITH OVERSEAS PROPERTY DEBT
July 23, 2019 | 0 Comments

EU Property Solutions understand the correct way to deal with Overseas Property Debt and creditors and unfortunately hear many stories of borrowers acting in a way to jeopardize any potential settlement and their home assets or income. Below we discuss the correct and incorrect ways to deal with Overseas Debt. If you have an overseas…

La Manga Strip – Complete debt write-off
July 18, 2019 | 0 Comments

A couple appointed EU Property Solutions, their property on the La Manga Strip was causing them a headache. Declining rental income made the property an undesirable investment and property was in Negative Equity to the region of €15,000 but if you included sales costs the figure was closer to €30,000. Furthermore, given current market conditions…

“TAKE THE KEYS & BUGGER OFF”
July 16, 2019 | 0 Comments

Many people who contact EU Property Solutions advise that they simply gave the keys back to their respective overseas lender and walked away when the market collapsed. A significant majority believe that ended their overseas property ownership and debt – this is incorrect. As wronged as many feel they have been by the “loose lending”…

SELLING IN NEGATIVE EQUITY-WHAT TO DO?
July 10, 2019 | 0 Comments

A regular phrase EU Property Solutions hear in our work is that individuals refer to themselves as “mortgage prisoners”. They believe that as they have negative equity they have no option but to continue to pay the property mortgage and continue property ownership. Believing that selling in negative equity is not an option. EU Property…

THREE SPANISH PROPERTY MARKETS
July 3, 2019 | 0 Comments

EU Property Solutions specialize in Spanish Property Debt issues and following recent observations we have identified three separate property markets in the country. Small level local property market. This market revolves around Spanish communities and towns you would consider being home for local Spanish citizens. This market is separate to the market EU Property Solutions…

THE DEADLINE LOOMS – RECLAIM ON UNFINISHED SPANISH DEVELOPMENT
June 25, 2019 | 0 Comments

It may appear we are ‘raking over old coals’, but never has this subject of Unfinished Developments in Spain been more relevant especially now as the deadline for submitting claims is rapidly approaching. There are many horror stories of people committing to buying off plan Spanish developments. Fast forward, these developments now remain, too unprofitable…

NEGATIVE EQUITY-THE NEXT STEP
June 20, 2019 | 0 Comments

“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…

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