Bulgaria Nightmare!

FraudBuster

If you have no assets in the UK to protect, then visit the Bankruptcy forum on this site.

Wh05apk

I agree with your comments Sammy, seems to be a lot of patronising comments at the moment suggesting people learn to budget etc, generally people are past that point and need help, as you say I think the best you can do is cut your losses and sell.

sammyh82

if I declare myself bankrupt then surely I'll have problems getting credit in the future? I don't wanna screw up my entire life here, surely the bank seizing the property is a better option? & if it does end up that I still owe the bank after the sale hopefully I'll have emigrated by then!

redpete

sammyh82 wrote: »

...selling is a posibility, say the value of the property has decreased slightly, hopefully with only having 60% mortgage I can sell it at a reduced price to someone to pay off the mortgage?? & then just accept I've lost the 30% deposit i put down 3 years ago.

Still overly optimistic I think. From one article in January on Bulgarian property prices:

"According to Colliers International, prices across Bulgaria have fallen 20% on average over the last year – and that’s following similar falls in the years preceding this one. In some of the previously popular property ‘hotspots’ on the coast and in the mountains there is no demand and plenty of supply, with many projects lying empty and unfinished as builders have gone bankrupt or just given up on a development."

Strangely enough the property price index on the Bulgarian Estate Agents' web-page doesn't go any further than 2006 (maybe I just haven't looked hard enough) but I wouldn't be surprised if you are close to or in negative equity on the property.

DesG

28 years old with an 18 yr old son?

I was offerred a finished sunny beach apartment for £17,500 last month including all costs, I declined.

Just to let you know that the value of your unfinished apaprtment is probably a lot less than you think

Cheers, Des.

Pincher

FraudBuster wrote: »

About three years ago I was in a queue at Tesco's and the folks in front of me were boasting to each other about the enormous profits that they had made on their Bulgarian property investments.

I bet that they never actually realised those profits.

So that's how to do it. In and out quick.

MacsReturns

Sammy - you mentioned an 'owners group' earlier - I take it these are people invested in the same development? Have you considered maybe one of them as a potentail buyer, maybe someone who's more optimistic about the eventual outcome, or just better placed to ride it out?

BLT_2

MacsReturns wrote: »

Sammy - you mentioned an 'owners group' earlier - I take it these are people invested in the same development? Have you considered maybe one of them as a potentail buyer, maybe someone who's more optimistic about the eventual outcome, or just better placed to ride it out?

I suspect that is a non starter, the owners group has been formed because they are all in the same boat, someone who has joined this group is hardly likely to want to double their exposure.

Lets be honest, the OP is being seen off from all ends. Her ex partner is trying to use her naivety to dump his half of the debt off on her, and she would be barking mad to accept the full liability. The Bulgarian bank are going to want their money, and the chances of this build actually been finished is pretty non existent, there is clearly a reason the original builders bailed out.

I suspect there will be exposure at the end, the property is going to worth very little given the glut of bulgarian properties on the market

Pincher

The ex has bailed out with a cord still holding him to the crashing plane.

As far as the mortgage lender is concerned,
it's still in joint names, but only one party is still paying and responding to demands. If the OP runs away to Australia, the ex will be pursued, if cross border debt collection is that easy.

A debt doesn't disappear because you "give" it to somebody.
If it worked, everybody will be sending a letter to their loan company: "I have given the debt I owe you to Ozzy Osborne, could you chase him from now on."

The only concern is the bank will sell the property for £100 to a company set up by a friend of the director, and then come after the OP AND ex for the full mortgage.

sukey13

maninthestreet wrote: »

I think it will be very difficult to get an unsecured loan for what is an amount over £50,000, and the monthly payment will probably be far higher than the current mortgage payment.

The amount is £37K not over £50K?

With no mortgage to pay in the UK, it can be done (I know as I have done it).