We discussed Cyprus and the negative situation in our Swiss Franc loans section of this website, please click on the link to take you there.
Spain was the most prevalent place for negative equity in holiday homes. However Cyprus and Portugal are still in that position. Negative equity is a phrase regularly used to calculate the amount the loan exceeds the current market value.
In Portugal many holiday homes were sold in conjunction with golf course facilities. Some of these facilities were not fit for purpose. Or have not been maintained to the level required and have fallen into disrepair.
In both Cyprus and Portugal, lending was at best loose in the period 2004 through to 2008. The following created a situation where there is extensive negative equity or negative equity loans, in holiday homes in both Cyprus and Portugal caused by:
The holiday home type properties in Cyprus and Portugal saw huge drops in value in 2009 onwards. This left many holiday home owners facing negative equity and/or mortgage repossessions.
We at EU Property Solutions, fully understand the emotions suffered when people are in such positions.
Negative equity especially on a Cypriot or Portuguese property can be such a burden on life. Brought about by one mistake.
The key is to attack that mistake using advisors who fully understand this niche market (that’s us!).
Usually, most things have recovered since the financial crash of 2008/09 in our home countries e.g. home and pension values have increased.
If you are facing the difficulty of negative equity in Portugal or Cyprus, then please call us now.
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We are a UK based firm with legal teams in Spain and Cyprus who understand the market and Bank practices as they stand. We remove the language barrier and utilise law, Bank lending flaws and current client circumstances to negotiate the best feasible outcome for all our clients.
EU Property Solutions was formed following the success of our associate firm Bell & Company. An FCA registered firm of Debt Strategists, Bell & Company assist individuals in difficulty in the UK and Republic of Ireland with Personal and Business-related debt issues.
We have an excellent track record of success. Our success stories and testimonials come straight from our clients & highlight the high quality of our works and outcomes. We have individuals willing to speak to prospective clients on the telephone to offer their story and experience.
Our obligation is always to our client and that is where our strength lies. Debt is highly stressful and emotional. We deal with debt day in day out and employing an intermediary removes emotion from the situation allowing clear strategy to be implemented to get the best outcome for our clients. Understanding a firm of professionals is acting on your behalf can remove stress and focus the mind to a positive end goal.