Swiss Franc Mortgage Negotiations in Pahpos
30 November 2022 • 2 min read • by Tom Miskelly
Our client purchased a property in Paphos, Cyprus, over 10 years ago using what seemed to be an attractive and cheap Swiss Franc mortgage.
Since then, with an opening balance of over CHR 300,000, the debt had risen by CHR 50,000 due to huge payments, a dramatic rise in interest rates and fluctuations in exchange rates.
It came to a point where the client needed to deal with the problem and rid themselves of this debt.
The client valued the house for sale. Disappointedly but not unexpectedly, the value of the property had drastically declined, leaving the property in severe Negative Equity.
The client attempted to negotiate with the bank themselves, but their offers were rejected. At this point he was desperate for help. He found EU Property Solutions while searching for advice online.
What we did
- After trying but failing to negotiate with the lender on their own behalf, our client then sought professional help with EU Property Solutions.
- Having previously negotiated on Swiss Franc Mortgages and outstanding liabilities, our experts developed a unique strategy based on the client’s needs and circumstances.
- Along with land registry issues, our legal experts intensely negotiated the terms of the product and argued that repayments were completely unfeasible.
- After successfully dealing with many parties involved, we achieved a consensual sale of the property and settled on a full and final settlement of €10,000, which achieved a fantastic saving of over €115,000 for our clients.
With quick action from our experts, using extensive experience in this area, we achieved a quick settlement which the lender absorbed the majority of costs after the settlement of €10,000 was paid.
The client was at his wit’s end trying to find a solution to this issue so was so relieved to hear that someone had finally been able to sort out this issue for him.
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