Increasingly we hear from a number of people feeling ‘trapped & stuck’ with their Foreign Golf Resort property. EU Property Solutions continue to help hundreds of people deal with foreign property debt.
There are still thousands requiring help to extricate themselves from commitments made in the property doom of 2005-2009. This is across Europe but most notably Spain & Cyprus. We for our part, have worked across the world on this including New Zealand!
Many foreign developments were sold off-plan, seeing any number of golf resort developments spring up. Good old Jack Nicklaus, supported with a huge TV campaign in the UK, was there plugging away the Polaris dream.
These were ‘heady’ days & many people fell under the spell of slick sales operators, promising the world, backed by Banks ‘throwing’ money at the job.
Some clients comment that they were mis-sold the property & the accompanying financial product. Is that the case? In all probability yes. Will they get recompense? NO CHANCE.
We all know properties were sold at highly inflated prices and thousands of foreign purchasers flocked to buy the dream.
The massive correction (polite phrase for the Financial Armageddon!) saw these types of developments crash in value.
Many purchasers saw the collapse in values take them massively into Negative Equity i.e. mortgage greater than the market value.
Coupled with this are issues involving:
- Intransigent Banks/lender,
- The cost of maintenance of the property and resort,
- Failing golf courses.
In many instances interest only mortgages going to repayment.
– Are you struggling with a similar scenario, with your property & foreign lender?
If you think you need our help, contact us today!