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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.

Talk to a member of our team, Call +44 (0) 330 127 1795

We offer a completely free, no obligation initial consultation

Talk to a member of our team, Call +44 (0) 330 127 1795
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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

Don’t Risk Your Financial Future
October 23, 2019 | 0 Comments

A frequently asked question at EU Property Solutions is whether an overseas property debt issue could affect your ability to buy property in the United Kingdom or your home country. Every case is different, the below outline potential scenarios which could affect your future. Many borrowers believe that their only option is to surrender their…

Community Fees & IBI Taxes
October 16, 2019 | 0 Comments

EU Property Solutions assist people daily who have significant mortgage arrears and missed community fee payments. Many borrowers who purchased properties in Spain were not aware of the associated costs such as Community Fees and IBI taxes. These additional costs and Mortgage Debt in Spain can result in significant stress. Community fees are owed to…

Will They Pursue Me In The UK?
October 10, 2019 | 0 Comments

Since the financial crisis in 2008, Spain has seen well over a quarter of a million properties repossessed. A staggering figure! A large proportion of these repossessions are foreign-owned properties.  EU Property Solutions find it incredible so many British and Irish borrowers feel they can merely “hand back the keys” and walk away from the…

Which Countries Do We Specialise in?
October 2, 2019 | 0 Comments

EU Property Solutions are proud of the growing number of clients we assist across Europe and in fact the world. Pre – 2008 we saw many investors purchase their property in the sun and a large number of these borrowers have fallen foul of the much-publicised property market decline. With so many borrowers falling into…

What Happens If You Stop Paying Your Foreign Mortgage?
September 26, 2019 | 0 Comments

IF YOU DON’T PAY YOUR OVERSEAS MORTGAGE, then it will likely have the same consequences if you didn’t pay your mortgage in your home country. Many with overseas mortgage debt in Europe seem to be under the illusion that not paying the mortgage will have no consequence to them – this is incorrect. EU Property…

Foreign Property Debt – Our Process
September 18, 2019 | 0 Comments

Over the years, we have built a wealth of experience, we have come to learn that every case we deal with will differ. Each one of our client’s circumstances are different, and no two cases are identical. Nonetheless, there is a process EU Property Solutions follow to ensure we maintain the best possible service and…

Why Do We Talk About Negative Equity?
September 11, 2019 | 0 Comments

Are you questioning if you are in Negative Equity and don’t fully understand the meaning? Not to worry – this is completely understandable. In less complex terms: Negative Equity occurs when the current loan or mortgage balance secured on a property is higher than the current market value of the property. An example of this…

DIVORCED? But What About Your Overseas Property Debt?
August 28, 2019 | 0 Comments

EU Property Solutions are working in numerous cases with divorced or separated couples who require to settle their overseas debt in an amicable fashion. EU Property Solutions understand this can be a difficult and emotional time for all involved, nonetheless civility and working together can bring excellent results. A common occurrence in these types of…

“What If I Die Before My Overseas Mortgage Expires?”
August 21, 2019 | 0 Comments

A tough question but a common theme our team experience here at EU Property Solutions.  Demographically speaking, a majority of our clients are those of retirement age who purchased property during the boom period in Europe pre-2008. There have been multiple occasions where we have received enquires from people who have advised their mortgage term will last long…

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…

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