Posts Tagged ‘Banks’
Welcome to our latest blog! Today we’re focusing on our recent trip to Larnaca in Cyprus.
Are you one of the unfortunate souls who prior to 2008 took out a Swiss Franc or interest-only mortgage to purchase your dream holiday home in Larnaca, Cyprus?
If you can resonate with the above, you are not alone.
There are countless others in your situation, still struggling to pay off their mortgages abroad on their foreign homes. You see, a lot of these types of mortgages were created pre-2008, while the market was still booming.
The banks thought this ‘moneygoround’ would never stop. Oh, how wrong they were!
Cyprus’s entry into the EU caused a lot of problems for Cypriot banks as they were overexposed to:
- Greek government debt.
- Local property companies.
- Overleveraged property ventures.
As Cyprus is such a small country, they were taken advantage of in every way possible leading to some pretty unethical banking practices, with many clients became burdened with these terribly designed mortgages. This meant that the Cypriot economy plummeted to levels that it STILL has not shown any significant recovery from.
At EU Property Solutions we have spent well over a decade now helping people like you pick up the pieces from the fallout of the 2008 crisis. As part of our fight against the big banks, we went over to Larnaca, Cyprus to take a look at some of the developments there.
During our time in Cyprus, we checked out developments such as:
- Golden Hills
- Pelagos Breeze
- Paramount Gardens
- Regal Gardens
You can see some pictures from our trip below.
If you have any unwanted property in these developments please get in touch! Thanks to our close relationships with many European banks, EU Property Solutions are well equipped to offer guidance and support to you during this difficult time. Just check out some of our client testimonials on our YouTube channel for some of our success stories.
For more information on our background and how we operate you can download our free e-book here. You can also check out our blog, which we frequently update with the latest news related to the EU property market.
Are you a victim of the 2008 financial crash with unwanted property in Costa Del Sol? If so, this post is for you.
For many, the idea of owning a holiday home on the sunny south coast of Spain was a dream come true.
Unfortunately, due to the aftermath of the 2008 property crisis, this dream quickly became a nightmare. A lot of these foreign property owners have now been lumbered with incomplete units and lost deposits. Essentially sucking them into a problem that wasn’t theirs, to begin with.
We recently took a trip to Costa Del Sol to visit the developments in the region including Duquesa Village in Manilva and Casares Golf Resort. Both of these developments are listed on our Wall of Shame.
As we are committed to standing up for you and taking the fight back to the big banks, we find that these trips are helpful to keep an eye on the status and condition of these properties.
You can take a look at some of the photos from our trip below:
So if you have an unwanted property in any of these developments please get in contact with us, help is at hand. At EU Property Solutions we know that things can look bleak for those of you still paying astronomical mortgages on unwanted foreign property.
We understand the situation all too well:
- You may not understand the Spanish laws.
- You may not understand the Spanish bureaucracy. Understanding the language can be another issue. It is very easy to feel like you have your back against the wall.
This is where we come in. Armed with our expertise and knowledge. We are your best bet in reaching a satisfactory solution.
We have helped countless ex-pats in their fight against the banks, and greedy property developers to claw back their hard-earned money.
Check out our YouTube channel to hear from our clients themselves. Our free online E-Book also does a good job of explaining our mission and how we can help you. Alternatively, you can also consult our blog for further guidance on how to navigate these issues.
This blog focuses on our recent trip to Paphos, Cyprus.
The year is 2021, well over 10 years since many of you reading this would have bought a holiday home in Cyprus.
Who would have thought that we would still be picking up the pieces from the 2008 recession? Who would have thought that we would be about to head into yet another global financial crisis in 2021?
(Thanks a bunch COVID-19!) So who in their right mind would have thought that such poor-quality loans designed to mislead the consumer could have had such long-lasting implications?
As part of our efforts to hold the banks accountable for their role in the 2008 foreign property crisis, we recently went on a trip to Paphos, Cyprus to take a look at some of the developments there.
During our visit, we paid a visit to:
- Aphrodite Hills
- Thalassa View Gardens
- Coral Bay
You can check out the photos from our trip below.
If you are having a hard time trying to sell your property or pay off your foreign mortgage at Aphrodite Hills or Thalassa View Gardens please get in touch.
Many ex-pats in your position have tried to hold the banks accountable for this disaster. However, they haven’t had much luck. Unfortunately, Cypriot courts don’t seem to have too much sympathy.
Luckily for you, EU Property Solutions has regular contact with banks across Europe and has built strong relationships over the years.
This means that we are in a strong position to assist you in resolving these issues. Believe it or not, those working at the banks are people too. In many cases, they are happy to listen to reason.
We have helped hundreds of people in your position, you can take a look at our YouTube channel to hear testimonials from many of our satisfied clients.
For more information on our background and how we operate, you can download our free e-book here. You can also check out our blog, which we frequently update with the latest news related to the EU property market.
Together we can hold the big banks accountable.
Welcome to our 4-part blog series! This blog focuses on our recent trip to Alicante.
For many of our clients, owning a holiday home in Alicante prior to 2008 was too good an opportunity to miss.
A beautiful Spanish port city just down the road from Benidorm and Murcia, what’s not to love? To make the idea more enticing, property prices were eye-wateringly affordable for your average British national making decent money.
It all seemed too good to be true. Unfortunately for many, it was, as we sit 13 years later still licking our wounds from the 2008 crisis.
Many ex-pat property owners now find themselves in the uncomfortable position of being in negative equity and under threat of repossession as they are unable to pay back the money they owe. The situation seems pretty bleak for many: they are in a hole unable to dig themselves out. Due to the sheer recklessness of the foreign banks pre-2008, it is also more difficult than ever to borrow money. How ironic…
It’s a classic David vs Goliath scenario. How can you stand a chance of defeating this beast? This is where we at EU Property Solutions come in.
As part of our fight against the big banks, we recently travelled to Alicante to check out some of the developments in the area.
During our time in Alicante, we visited developments such as:
- Corvera Golf Resort
- Hacienda Riquelme
- Hacienda del Alamo
- Polaris World Developments
- Roda Golf
You can see some pictures from our trip below.
If you have unwanted property at any of these developments get in contact with us today!
EU Property solutions have helped hundreds of people in your situation. You can hear from many of our satisfied customers on our YouTube channel.
Don’t allow the banks to leave you holding the bag while they get off scot-free.
Remember you are not in this alone in this, help is available to you.
Here at EU Property Solutions, we have used our 8 years of experience to compile our 9 tips to improve your foreign mortgage issue.
1) Acknowledge your problem.
Burying your head in the sand or being unrealistic helps nobody. To be able to solve your problem, you need to accept it. You need to know precisely what your current situation is and every aspect of it, and say to yourself: “Hi, my name is XXX, and my house in Spain is in negative equity.”
2) Quantify your problem.
Ok, let’s explain. If you have a £100,000 shortfall on your property, you have to pay every penny back. However, do bear in mind that to make the problem disappear actually involves paying back c£140,000 when adding tax to the equation. Basically, you have to earn c£140,000 before tax to leave you with the £100,000 after-tax you need to pay your debt. Therefore, it is not a £100,000 problem, but a c£140,000 problem!
3) Be realistic in terms of time and money.
To manage your situation in the best way possible, be patient and understand that it will take longer than you think or want and it will cost more than you hope.
4) Look at the emotional toll.
Understand that resolving your property nightmare is not just about time and money, but also the emotional effect it can have on you and those around you. It will be stressful, so choose an approach with the best outcome and the least emotional cost. Do you really want to create a situation that potentially jeopardises your health, wellbeing, and relationships?
5) Don’t try to deal with your situation in isolation.
Consider the bigger picture and your financial standing overall. Take into account how financially fragile you are. If you’re financially strained, don’t make silly decisions that only fuel your debt and escalate your situation even further. Evaluate all the risks and be sensible within your means.
6) Appoint the right advisors.
Despite what you may think, you can’t do this on your own. It’s too much of a minefield without professional help. However, less able experts will use the persuasive power of numbers and impressive statistics to wow you. At EU Property Solutions, we’ve 8 years of experience in resolving foreign mortgage issues. We know the facts, the truth, and can see through the bank deception!
7) Presentation is everything!
If you do decide to go full steam ahead to resolve your issues alone, prepare well. Your presentation must have up-to-date financials and critical information or it will end in disaster. This is where we at EU Property Solutions come in. We are adept at compiling financials, untangling property situations, and fully explaining every stage. By presenting a realistic and clear case to the Banks, they are more likely to settle with us.
8) Taking the problem to the lender.
If you’ve tried in the past to resolve your situation and failed, it does not mean you will fail again. Suppose you did previously try to engage your lender for a resolution, it could be that they didn’t have the enthusiasm or inclination to do so. They simply avoided it. However, when they have experts, like EU Property Solutions, coming at them, they don’t have a choice!
9) Last, you need stamina and patience.
Ok, not just a little bit but bucket loads of the stuff. This whole property resolution challenge is not for the faint-hearted. This is our official warning sign to you, without tons of stamina and patience, you will find the journey even tougher than it is!
Don’t forget to check out our YouTube page for the most up-to-date information & advice from our team. Click HERE to watch.