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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

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…

TROUBLE AHEAD-Foreign Interest-Only Mortgages
June 17, 2019 | 0 Comments

10-year interest-only mortgages to come to an end this year for properties purchased in the peak of 2007 in Spain. Spain’s collapsing prices over the years have left homeowners with numerous arrears. With the breakdown of Spain’s property market in 2007, it has been evident that Spain’s national average house prices rose by thousands of…

SUMMER IS CANCELLED…CAN YOU SURVIVE?
June 6, 2019 | 0 Comments

We are fast approaching peak holiday season and with School Summer Holidays close by, overseas property investors can expect to cash in on excellent rentals during this period. But are you ready for when the holiday season ends? It can be easy for your mortgage to become unaffordable when rentals die down after the summer…

Over €200,000 saved – Full & Final settlement in the Algarve, Portugal
May 24, 2019 | 0 Comments

We were approached by a gentleman with two property shortfalls in Portugal. Our client purchased the properties in the Algarve in 2008 with promised rental yields. These yields did not materialise and our client was having to find funds to top up the mortgage payments. This was clearly unsustainable and our client fell into arrears.…

Handing back the keys – am I still liable?
May 24, 2019 | 0 Comments

Many owners of negative equity or unaffordable property in Spain who contact us advise that they simply handed back the keys to their overseas lender and walked away after the market collapsed. A significant majority believe this ended their overseas property ownership and debt – this is incorrect. As wronged as many feel they have…

Full Mortgage Write Off in San Luis Sabinillas, Malaga
May 1, 2019 | 0 Comments

A retired couple from Nottinghamshire approached us with their holiday apartment in San Luis Sabinillas, near Duquesa on the Costa del Sol. They had a mortgage outstanding of €170,000, with the property being valued at €159,000. The monthly cost was €90 – but the issue here was this product was sold on an interest only…

Another La Cala Success – Complete Debt Write Off
April 30, 2019 | 0 Comments

A married couple from Hertfordshire approached us with their holiday villa in La Cala Golf & Country Club. They had an outstanding mortgage of €678,000 with Banco Sabadell. The property was valued at €599,000 and the couple found it very hard to find buyers due to the uncertainty that Brexit has brought, coupled with Spanish…

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