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Helping People With Foreign Property Debt & Negative Equity.


Posts Tagged ‘expat’

Our Trip to Paphos, Cyprus

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.

Pathos, Cyprus, Aphrodite Hills and Thalassa View Gardens

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.

Our Trip to Alicante

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.

Corvera Golf Resort, Hacienda Riquelme, Hacienda de Alamo, Polaris WorldIf 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.

For more information on what we do and how we operate you can check out our Free E-book or our blog, which we regularly update with helpful tips for you in your fight.

Remember you are not in this alone in this, help is available to you.

Mis-selling Spain (2004-2008)

EU PROPERTY SOLUTIONS- EXPERTS IN ALL SPANISH PROPERTY ISSUES!

This blog will be focusing on the mis-selling that went on in Spain between 2004-2008. Do you think that you or one of your clients have been mis-sold a Spanish Property?

If there was a mortgage obtained in Spain between 2004 and 2008, you were undoubtedly mis-sold the mortgage by today’s standards – for sure.

A lot of people in this situation were interested in buying a property at that time but were subjected to unscrupulous methods undertaken by:

  • The developers.
  • Their agents.
  • Notaries.
  • Mortgage Brokers.
  • The Banks.

Can you get compensation, write-offs, or any other Court award? Unfortunately not!

Yes what happened was 100% wrong, and yes it was unfair, but in 99.99% of the cases, the Courts will find that there is no case to answer. People who have attempted to get what they see as justice, have spent tens of thousands of Euros and years of their life, fighting the Spanish Courts.

A lot of these Spanish property cases are ‘not fit for purpose’.

This representation of the Court system may seem rude or harsh, but on the ‘flip side,’ it applies to Banks and their actions. Typically, a repossession case takes four years to complete. In various meetings with high-level Bank officials in Spain, they echo our ‘not fit for purpose’ claim, in terms of the Courts.

That said there are other routes, plans, and solutions to deal with the disposal of holiday homes in Spain and getting rid of a troublesome mortgage.

If you or anyone you know is struggling with a problematic Spanish mortgage, get in touch with our team at [email protected] or call us on 0044 330 124 1230!

Don’t forget to check out our YouTube page for the most up-to-date information & advice from our team. Click HERE to watch.

CORONAVIRUS – SELLING IN LOCKDOWN

Uncertainty of the pandemic continues around the world as Economies reel because of Coronavirus and imposed lockdowns essential to Public Safety.

Undoubtedly property markets suffer in periods of uncertainty.

2nd homeowners with property in Spain will be considering selling at this stage. Factors include no rental income for Peak season, declining values imminent and currently an inability to visit the property.

Selling property during a pandemic comes with its difficulties:

  1. The property could be in Negative Equity i.e. the outstanding mortgage is greater than the property value. With prices set to decline again, more borrowers will find themselves in this scenario.
  2. Costs of sale in Spain can be 10-12% of the sales price. Vendors must factor this into their calculations.
  3. The property must be “priced to sell”. There is a massive supply of 2nd home properties across the Spanish Costas and being realistic is essential.
  4. Demand for 2nd homes will undoubtedly fall in this period and for the rest of the year as confidence is hit.
  5. Lending restrictions imposed last year reduced the buyer pool, we await Banks’ response to this crisis and how their criteria will change again.

If you want to sell and cannot EU Property Solutions can assist. Our legal process avoids the Sales Process and associated costs.

As Mark Stucklin said last week:

“If you find yourself in financial distress as a non-resident or second-home owner due to this crisis you may see yourself miss your Spanish mortgage repayments.

You need to get hold of the situation quickly and start talking to your lender about the options.

If you feel you need professional help from experts who know how to negotiate with banks and get you the best outcome, get in touch with financial distress and negative equity experts EU Property Solutions to discuss your case.”

EU Property Solutions have options and plans for every eventuality, ensuring we protect you, your income, your home, pensions and other assets – from any potential or ensuing legal threat.

Coronavirus Pandemic

CORONAVIRUS – SPANISH PROPERTY OPPORTUNITY OR THREAT?

We are in unprecedented times with Coronavirus creating havoc across the world and especially in Europe.

It is a Health and Economic Emergency with thousands tragically losing their lives and millions losing their livelihoods.

Undoubtedly property markets suffer in periods of coronavirus uncertainty.

Spain is at the center of the European battle and property owners in the country face the following problems:

  1. There will be no sales of property in the next say 6 months – minimum.
  2. Even after that, we will see people’s inability to sell their property with the overhanging economic threat. The market was trying to recover before Coronavirus
  3. No or reduced holiday rental income due this year will be received.
  4. Long-term tenancies are at risk with the huge redundancies that will follow in Spain and across Europe.
  5. There is no Spanish Government assistance for overseas borrowers who own second homes.
  6. Property value will undoubtedly decline again. Negative equity will increase.

EU Property Solutions and our legal associates continue to operate in Spain under Government guidelines to progress cases with lenders and sign Settlements with Notaries. We have achieved two settlements this week.

If your property was a burden before Coronavirus, or is now, it is time to RESPOND.

EU Property Solutions have options and plans for every eventuality, ensuring we protect you, your income, your home, pensions and other assets – from any potential or ensuing legal threat.

Check out our latest settlement video to see a true reflection of our work in how we alleviate foreign property debt as well as allowing families to move on with their lives: CLICK HERE TO WATCH VIDEO 

As Mark Stucklin said last week:

If you find yourself in financial distress as a non-resident or second-home owner due to this crisis you may see yourself miss your Spanish mortgage repayments.

You need to get hold of the situation quickly and start talking to your lender about the options.

If you feel you need professional help from experts who know how to negotiate with banks and get you the best outcome, get in touch with financial distress and negative equity experts EU Property Solutions to discuss your case.

WE HAVE THE SOLUTIONS TO DEAL WITH SPANISH PROPERTY DEBT ISSUES.