Posts Tagged ‘Foreign Property’
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.
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.
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.
- 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.
Don’t forget to check out our YouTube page for the most up-to-date information & advice from our team. Click HERE to watch.
Michael is a previous Cypriot Client of EU Property Solutions that we reached a very successful settlement for. He featured as a guest on our latest webinar ‘Cypriot Mortgage Issues: Downward Spiral’ where he answered some questions regarding the issues he was facing with his property in Cyprus and his life now without the burden of foreign property debt.
Welcome Michael & thanks for joining us today, tell me a little bit about your Cypriot property experience and when did you know it was time to seek help?
I purchased my property in 2005 and from day one I saw the Developers and the Bank in a different light. Despite much communication between all stakeholders, it became clear there was no future with the property. After constant re-mortgaging, involvement with communities that were all in the same boat, and taking advice from Barristers; we knew there was no light at the end of the tunnel. It wasn’t until my wife came across EU Property Solutions and we engaged with you that the rest became history.
Did you find contacting the Developers & the Bank difficult?
They did play ball to start with but as soon as money had changed hands, we were treated like second-class citizens with regards to any plans or attempts to try and improve the situation. We found that the Bank was very rude, ignorant and they pushed us to the limit. The developers shrugged their shoulders and said, “You decided to buy in Cyprus, it’s your problem.” It was a problem, a big problem but the Bank and the Developers didn’t seem to care too much.
At that time, where you living out in Cyprus or traveling to and from the UK?
I was working and living in my property in Cyprus from 2005- 2010. These problems didn’t come to a head until we left the property. We moved back to the UK in 2013 with my job. We were grateful to have had the delight of living in our property in Cyprus and then renting the property out. But when we came back to the UK in 2013, that’s when things really took their toll.
After reaching out to EU Property Solutions, what was it about our company that made you and your wife feel like this is the route that you wanted to go down?
Right from the start really, I had an initial telephone call with a really nice chap who made us feel at ease. There was no pressure or sales pitch. He allowed us and permitted us to contact other people who were successful with EU Property Solutions. We thought are we going to be scammed again by another company because everyone we have dealt with previously just wanted to take our money with no interest in what we wanted to achieve. From day one we felt at ease with EU Property Solutions and the staffing, the staff work and the communication between EU property Solutions and ourselves was enough for us to commit to them looking after our case.
That’s a very interesting point you made about feeling like you were going to be scammed. At EU Property Solutions, that is a huge barrier that we come across with our clients because one of the main reasons that our clients are in their situation is because they have been wronged from the very beginning. So that is why we always try to put them in the right direction by speaking with our other clients who we have reached a settlement for who were in the same situation as yourself. Did you avail of that service?
Yes absolutely, I spoke to a couple of Spanish clients that you had in very similar situations. I hope I can be of value to anybody now, being an owner who invested in Cyprus and having gone through the process, I am more than happy to help anybody else in the same situation as ourselves.
In terms of your journey with us, after appointing our services, did you feel like our team was helpful?
Yes, my case manager was really on the ball. The biggest thing for me was being able to pass my problems on to her. I didn’t want to communicate with the Developers or the Bank while I was going through this process. EU Property Solutions took full ownership of my problems for the whole period while fighting my case. One of the big thing I found, was having the opportunity to forget about all the issues that were surrounding; knowing that it was being managed in good hands.
A lot of people think that even though they appoint our services, they think that they have to be in correspondence with the lender and the developer, but that all stops when you come on with us. It takes you away from that situation and our legal team deal with it. Once you knew we achieved a settlement, how did you and your family feel?
It was a bittersweet feeling for my wife and I. We invested a lot of money into the property, and we were gutted it went down the drain. But we have now got no more trouble and a heavyweight has been lifted off our shoulders. We can move on forward with our lives and not feel threatened by Cypriot authorities. It was a Bittersweet feeling but a huge moment of celebration!
What would you say to people who have found themselves in a similar situation to what you experienced?
I would say across the board, it doesn’t matter who you are whether you are a serious investor in properties; there are people who fall foul to the Cypriot Scam. Hold your head up high, there is light at the end of the tunnel. It doesn’t matter how much debt you are in or how many properties you have; if you want to get out of it there is help available.
Chat to a member of our team today. Our initial consultations are free and we can quickly help clients with Cypriot property debt.
You can watch the full video interview here: https://youtu.be/RCr7irb-hIU?t=823
0044 330 124 1230
There is currently a huge problem in Spain with ‘Squatters’ unlawfully occupying unused holiday homes.
With Covid-19 travel restrictions ongoing, many holiday homes across Europe have been sitting empty for over a year. This has made the likelihood of Squatters in Spain invading properties x10 times more likely than before the pandemic.
Squatters are moving into these empty properties, making it their home and fitting new locks. They also avail of the properties water, electricity, and bins; leaving property owners left with increased bills and bins which cannot be used.
In a recent interview with Ena Cummings, founder of GoldenKeys Property; squatters were described as “vile, evil beasts” who should be thrown out immediately. Unfortunately, due to Spain’s insufficient legal system, Community Presidents not taking action, Banks being irresponsible and the countries water and electric board turning a blind eye, therefore, this means that property owners are left to deal with these squatters themselves.
In Ena’s community, there are 8 squatters who not only have moved into the development but have displayed public indecency. They have thrown bleach and wine at homes on top of stealing water, electricity, and their bin facilities. Ena expressed that the community wanted an AGM with the community presidents.
“It was arranged in 2019 to get the removal mafia in from Madrid. This was to remove the squatters, to get a loan, and pay it through our community fees (which was agreed.) But our two so-called presidents won’t sign the forms as they don’t want to throw people out on the street.”
The only guaranteed way to get squatters removed from a property is to hire a removal mafia from Madrid. This comes at a fee of €5,000. The other option to protect an empty home is to pay €35 a month for a photographic alarm system. The alarm system will notify the Guardia Civil who can throw them out within 48hrs. Nonetheless, both options add further expense to unused holiday homes in Spain.
Ena is adamant that “Spain needs to change their law, but it’s going to get worse before it gets better.”
If you have an unused property in Europe that you no longer can maintain, this is your time to act before squatters make your home theirs!
If you would like to dispose of your foreign property, there are options available for you to do so. Get in touch with EU Property Solutions today and speak with our specialist team for your FREE consultation.
Welcome to today’s blog on Webinar Feedback – Mark Stucklin. As you may be aware we held our first-ever live webinar on the 27th May 2020 on Spanish & Cypriot Property Debt. If you happened to attend, we would love to hear your thoughts on it, send them over to us on [email protected]
If you are interested in watching the live webinar over again, you can do so here: https://youtu.be/E4aRc_l8Oz8
We had a great blog write-up from Property Market expert Mark Stucklin who discusses our webinar below.
The economic crisis building as a result of the coronavirus pandemic will leave some people with mortgages in Spain in financial distress, through no fault of their own.
If this happens to you, it is advisable to seek help from independent experts on how to handle the situation.
Last week I attended my first webinar (online seminar, for those that don’t know), held by Terry Bell, speaking on behalf of Bell & Co. in the UK and Ireland, and EU Property Solutions in Spain and Cyprus.
These companies specialise in helping people with business and personal debt find negotiated solutions to their financial problems.
Terry’s presentation about the typical financial problems borrowers from the UK and Ireland run into with mortgages in Spain and Cyprus was an eye-opener.
For instance, there are still many people struggling with mortgages taken on in the boom years before 2008. They are not getting any younger.
Terry explained that the “demographic” of people with mortgage problems in Spain means that time is not on their side. They need to sort out this problem before it’s too late.
There are many people in arrears on their mortgage payments who think they can walk away from their foreign debts. They think the problem won’t catch up with them back home. That is wishful thinking, even for those who did this years ago.
Slowly slowly, Spanish mortgage debts are being worked through. Debtors are pursued back home on the basis of EU directives, increasingly by vulture funds who have bought the debt.
The worst thing you can do is stick your head in the sand and hope the problem will go away. It won’t.
The best thing you can do is contact third-party experts like EU Property Solutions, who have dealt with many cases like yours, and know what to do to get the best solution for you.
Experience is key to negotiating the best terms in this complicated situation. This is probably something you have never had to deal with before. And every lender in Spain has a different approach to dealing with what they refer to as ‘delinquent debt’. Only experience of dealing with many cases helps you decide the right strategy.
Terry talked about all the problems facing borrowers in Spain and Cyprus. There’s one brutal problem in Cyprus – that we can be grateful few borrowers in Spain are having to deal with:
- Namely the Swiss Franc mortgages that were so gaily mis-sold to borrowers in Cyprus back in the boom years.
Since then, the value of property in Cyprus has plummeted:
- Whilst the Swiss Franc has appreciated, crushing borrowers financially in a vice of negative equity.
Mercifully, most borrowers in Spain have euro mortgages, but some of them will still be in negative equity more than a decade after they purchased.
And now we have a new wave of financial problems to look forward to, thanks to the coronavirus crisis.
If you find yourself in financial distress, and unable to cope with your mortgage in Spain, don’t stick your head in the sand, get in touch with EU Property Solutions.