Still Paying Your Mortgage in Retirement?
17 January 2023 • 1 min read • by Tom Miskelly
We were contacted by an individual who was still paying his mortgage in retirement. This was a 1-bedroom townhouse in the popular area of Paphos.
The property had become a nuisance for our client, who was based in the United States. The expensive mortgage payments were taking up a lot of his disposable income.
He was having trouble trying to sell the property as it had no title deeds. As mentioned, he was still paying his mortgage in retirement which was causing major cashflow issues.
The property was purchased pre-2008 and was already in negative equity. With no title deeds, it would have been nearly impossible to sell and would have left him with a large shortfall.
What did we do?
After lengthy negotiations with this very difficult Cypriot lender, we secured the surrender of the property back to the bank. At the same time, we negotiated with the developer for outstanding maintenance fees owed for the property.
For both of these debts, we achieved a complete debt write-off, saving the gentleman over €110,000 when all costs were taken into account.
Are you still paying your mortgage in retirement?
The selling of mortgages well into retirement age was worryingly commonplace pre-2008. Are you still paying your mortgage in retirement? If you are in a position now that you are unable to continue paying your foreign property mortgage we can assist you. Please contact us today for a free case review.
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