How Can We Help?
Although we focus mainly on European property debt, we can help with these issues in nearly any country across the world. This is because our experienced team understand how lenders work and, how to deal with them.
If we listed every country that we work in we would be here all day so, if you are wondering if we can help, just contact us to find out.
If your foreign property is not in Spain or Cyprus, this doesn’t mean we can’t assist. Although we work mainly within Europe, we can help with any property debt-related issues worldwide. We have worked with clients worldwide and have achieved settlements as far away as:
- New Zealand,
- Poland
- Canada and Norway, to name a few.
Our expert team can adapt to any issue, understand local requirements and work with localised legal teams in these countries to achieve the best result for you. As said, we can assist with any foreign property-related issues, but we do specialise in:
Negative Equity
Although some areas are worse affected than others, Negative Equity is a common worldwide issue. Negative Equity is when the value of your property becomes less than the mortgage, which can and has left many people in difficult situations.
Trying to sell your property will mean paying the difference between the value and the mortgage (the shortfall). Depending on when and where you bought your property, this can soon become an unfeasible amount.
Unfortunately, you can and will be pursued if you opt out of paying for your foreign mortgage. Most countries have legal agreements in place that allow companies to pursue you cross-jurisdictionally. This often sees them appointing aggressive legal firms to chase you in your home country.
We understand how traditional lenders work and, as a result, can efficiently negotiate with them to swiftly get settlements that work for you. Ultimately, our goal is to make sure you pay as little as possible to be able to move on debt-free.
Interest-only mortgages
Interest-only mortgages were and still are, commonly sold as the best option for the borrower. A period (often 10 years) without capital repayments provides ‘a bit of breathing space.’ Often these mortgages are sold with the promise of rental income and guaranteed increases in property prices.
After the 2008 financial crash, it became apparent that this was not the case. When the end of the interest-only term is reached, payments can increase to unimaginable levels. 10-fold payment increases are quite common, meaning you could go from paying £200 per month to £2000 per month. Some of the full repayments are so high that no amount of preparation or financial planning could protect you in this scenario.
Like other debts, an inability to pay will see you pursued, both in the country that you have borrowed in and in your home country. EU Property Solutions can help to provide several different solutions depending on your situation and desired outcome.
Mortgage arrears
Any sudden change in circumstances could leave you struggling to meet your monthly mortgage repayments. Often when this happens, it can be hard to get on top of missed payments. On top of this, you can be charged additional costs. This might leave you playing catch-up, unable to get back on top of your payments.
In this case, your lender will move to repossess your property, which could leave you with a sizable bill. Depending on where you are, you could face various tactics and be pursued in your home country for these debts.
Again, our team can help with these issues and can work across jurisdictions and with any lenders to get you a commercial deal favourable to your situation.
Anything Else?
These are just a few of the most common issues that we can help with. If you are dealing with any property debt issues, feel free to get in contact with us today. We are always willing to help or refer you to someone who we may think could help.
Our team at EU Property Solutions are always on hand to give you the help and advice you need. We are experts in dealing with all property debt-related issues and specialise in dealing with aggressive lenders no matter the location.
If you need advice on a foreign property debt, please call us on 0330 124 1230 or email [email protected] for more information.
How Do I Know You Can Help Me?
As we said, we can help with almost any property debt issue in almost any country. This includes everything from negative equity in Norway to mortgage arrears in New Zealand. Most importantly, we never take on a case unless we are 100% sure we can win. Even if we can’t help you, chances are we can find someone who can.
How Can You Be Worldwide & UK-based?
After spending so long working on cases like yours, our team have gained an in-depth understanding of banks, lenders, recovery processes and legal systems. Although our offices are in the UK, we still know how banks work and how to deal with them. On top of this, we have trusted legal teams in these countries, so if we need to go to court in a foreign country, we have the best representation for you.
Why Should I Trust EU Property Solutions?
For over a decade, we have been helping people in exactly the same situation you find yourself in. We understand that you have probably been lied to by the bank, developers, and estate agents. If our amazing results don’t say enough for themselves, check out some of our testimonials or call our office and speak to a member of the team. You can even chat with previous clients of ours over the phone!
Why not get in contact?
We are always happy to offer a free, confidential review of your situation.
This helps us understand exactly what you need and helps you understand the best options to solve your property debt issues.