This is our final blog in respect of Loans Sales: Success with Loan Sales, a situation that has become more and more prevalent in the foreign mortgage market.
If you have been subject to one of these loans sales, you will understand the stress that they bring. If you have not, then this is our call out to make sure this does not happen to you.
All banks are considering loan sales, especially in Spain, Cyprus, and Portugal.
EU Property Solutions have had great Success with Loan Sales cases and demands by vulture funds for repayment.
- A retired couple had a property in Spain and received some terrible advice from a solicitor in Spain that said they could; “walk away from the property and everything would be ok.”
- The paperwork was incorrectly completed and subsequently, they received a demand for €150,426 (payable in 14 days) 6 years later.
- Our clients were retired, with net UK assets of £400,000, facing the burden of this debt.
- EU Property Solutions got involved including our legal teams in Spain and the UK. We positioned our clients correctly, to protect all their assets and settled this claim.
Including costs, we settled the €150,426 debt for £26,000. Therefore, Securing savings of £105,000 for our clients so they could finally get on with their lives.
- A Portuguese vulture fund purchased a loan from a disreputable bank and was chasing a client of ours for c€140,000.
- Long story short we settled this case for €40,000 saving our client approximately £85,000.
EU Property Solutions are very strong on cross-jurisdictional issues. We provide support in terms of legal help in the UK and across Europe.
If you have a loan sale demand on you or fear anything of this nature, give us a call today: 044 330 124 1230