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Swiss Franc Mortgage Negotiations in Paphos

30 November 20222 min readby Tom Miskelly

Cyprus Paphos

Our client purchased a property in Paphos, Cyprus, over 10 years ago. They were mis-sold what on paper looked like 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. This huge increase in payments was caused by 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

  • Our client had tried and failed to negotiate their Swiss Franc mortgage with their lender on their own behalf. As a result, 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. This resulted in 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 in 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. Therefore they were understandably relieved to hear that someone had finally been able to sort out this issue.

If you are going through a similar situation please contact us today. We can provide you with the expert help and guidance required to resolve this complex financial issue.

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