Posts Tagged ‘mortgage issues’
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.
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.
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.
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.
9 Tips to Improve Your Foreign Mortgage Issues
1) Acknowledge your problem.
2) Quantify your problem.
3) Be realistic in terms of time and money.
4) Look at the emotional toll.
5) Don’t try to deal with your situation in isolation.
6) Appoint the right advisors.
7) Presentation is everything!
8) Taking the problem to the lender.
9) Last, you need stamina and patience.
If you or anyone you know is looking to improve their foreign mortgage issue, 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.
Did you buy foreign property pre-2008?
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.
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!
Click here to download your FREE copy of our eBook!
Spanish Mortgage Relief – Mark Stucklin
We recently had a great write-up from Mark Stucklin – a Barcelona-based Spanish property market analyst, and author of the ‘Spanish Property Doctor’ column in the Sunday Times (2005 – 2008) on the Coronavirus Crisis and the downhill effect.
Spanish mortgage relief for borrowers falling victim to the coronavirus crash.
I’ve had enquiries about the mortgage repayment moratorium that the Spanish Government introduced for people struggling with mortgages due to coronavirus.
The scope of the moratorium is understandably limited to residents struggling to pay the mortgage on their main home.
Non-resident and holiday-home owners don’t qualify for relief, but anyone in those groups now struggling to pay a mortgage in Spain will find some advice at the bottom of this article.
The mortgage repayment relief was approved by royal decree in March as part of economic measures worth 200 billion Euros.
The first thing to note is that this moratorium only applies to residents of Spain so ones struggling with their main home.
Don’t expect any relief if you can’t pay the mortgage on your holiday home:
- because tourist rental bookings have collapsed, or
- you lost your job back home.
If that’s your situation, skip to the bottom of the article and receive some advice.
Borrowers who qualify for relief can apply for a temporary and interest-free mortgage repayment holiday or deferment.
An application can be submitted up to 15 days or so after the decree has expired.
Some sources report this deadline for applications as currently standing on the 3rd of May.
Spanish mortgage moratorium requirements
- Borrowers who can demonstrate they have lost their job or seen their income slashed by 40% or more
- Family income in the month prior to requesting mortgage payment relief was no higher than three times the IPREM household income reference point,
- Mortgage repayment plus expenses and monthly utility costs greater than or equal to 35% of net household income.
- Mortgage repayments as a percentage of household income have increased by at least 1.3 as a result of the Coronavirus.
You have to apply for this mortgage relief with your lender providing:
- Proof of unemployment and business distress,
- Your Family Book to accredit household members and dependents,
- Homeownership documents including the nota simple land registry filing,
- Deeds of sale and mortgage deeds, and
- A debtor’s declaration of responsibility in compliance with the requirements of this decree
Non-resident and second-home owners in financial distress
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.