Posts Tagged ‘Debt Collection’
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.
It could be believed that 2005 – 2008 was a prosperous and positive time; with the Economic Boom and thousands of Brits and Irish, finally being able to afford the dream purchase of a ‘luxury’ holiday home in places like Spain or Cyprus.
At EU Property Solutions we see this experience in a different way. It was a time where the ‘buying frenzy’ was encouraged by duplicitous bankers, promoters, and developers.
For buyers, funds were easy to access both at home and abroad; non-status mortgages were two a penny, and credit checks didn’t even factor into the equation. With little to no barriers stopping the purchase of ‘too good to be true places’; it was only a matter of time before the foundations of this property boom literally crumbled underneath us all.
It was no wonder that in the autumn of 2008 when the world stopped turning and the financial crisis hit. These properties built on financial sand in the years before, suddenly sank quickly into Negative Equity; leaving people stuck with unwanted debt.
Countries including Cyprus and Spain were savagely hit as the whole banking industry was shored up by their State Banks. The collapse of the financial sector, and many of its long-established institutions, started a domino effect, leaving those at the end of the chain the main losers.
Those who dared to live the holiday home dream have now, unfortunately, become victims of the Economic Boom. Their once refreshing holiday cocktail soon left a bitter lingering aftertaste that is still being paying for to this day.
If the above sounds familiar and you have found yourself stuck with a Foreign Property in Negative Equity, our specialist team are here to take your call today!
We have published our first ever eBook ‘Foreign Property Mortgage Nightmare – 2006+ and all that..’
This book is not looking in any way to compound the pain of foreign property debt or ‘rub it in,’ but it seeks to explain the works that we undertake and what we have learned over the past ten years in this field.