Yes. Firstly, they must obtain judgement in the country the debt originates, for example a Spanish Property has a Spanish mortgage Deed governed under Spanish Law, the legal process must be followed here initially.
Once a judgement is obtained the Bank can appoint Legal firms in the borrower’s home country to pursue the debt. We know of legal firms appointed and hand delivering debt collection notices.
Yes. If you do not engage with a lender and a judgement is obtained then your home is at risk. Banks will appoint legal representation and typically apply for a 2nd charge to be placed on your home in favor of your lender. The lender can then force a sale and receive funds.
Our processes in all cases avoid full litigation and remove the risk of anything happening to your Home.
In most instances we can protect your Credit File. There are however some lenders who will look to place defaults on Credit Files. Our knowledge of lender processes can advise you if your credit file is in jeopardy.
Banks agree to reduced settlements for a variety of reasons:
EU Property Solutions use the above and legal understanding to ensure settlements are achieved.
Probably not. If your property was in equity then yes that’s the end of the matter. However, if in Negative Equity you will be liable for any shortfall debt and legal costs plus interest accrued. Have a look at our UK Debt Recovery Page here. We can still help even at this stage.
Because we are good at what we do. EU Property Solutions understand individuals who contact us are in this situation as they have been burnt before. Rest assured you are working with a firm of professionals with incredible knowledge in this niche field. We can offer telephone references to all prospective customers.
Our fees are transparent and include all legal works undertaken in that country in which your property is located.
Every case is different so firstly an assessment is carried out to see if we can assist.
In Negative Equity / Shortfall Settlement cases we request a retainer fee on account to cover all costs until a settlement is reached. Once a settlement is agreed with your lender our agreed success fee is due. This is fixed and advised from the outset.
In Spanish Deposit reclaims we work on a no win no fee basis. Our fee is 25% of monies recovered.
In every case your fee is clearly outlined from the outset and a Fee Agreement is signed by all parties named on the Debt and an EU Property Solutions representative at the start of works.
As mentioned previously every case is different.
As a rule EU Property Solutions ask the a potential client to be honest and upfront when discussing their Overseas Property Debt issue. The more information you provide the better strategy we can develop and ensure there are no surprises when works commence.
Being transparent gives us the best chance of ending your burden and allows us to protect what is important to most, the family home and their income.