Desperate and need some advice please.

[Deleted User]

Boris_Allen wrote: »

Sell the villa and stop paying the mortgage. Let them default you, as it won't harm your credit rating here in the UK and there's nought else they can do.

So who has the rights to do this? Do the bank not hold the deeds? If this is what you have in Cyprus?

Boris_Allen

assj wrote: »

So who has the rights to do this? Do the bank not hold the deeds? If this is what you have in Cyprus?

Ok then, just stop paying the mortgage. If there is negative equity like you say then this is a sensible thing to do.

[Deleted User]

Boris_Allen wrote: »

Ok then, just stop paying the mortgage. If there is negative equity like you say then this is a sensible thing to do.

Sorry I was asking you the question, I am not the OP, but I saw your post and wanted to ask

DTD_2

Appolgies for the late reply!

Thanks for the link!

I havespoken to agents and if sold i would be stuck a 40k mortgage, becuase of the negative

We are renting, but it's very slow, even at bargain prices! we have a website and are with an agent, but still slow.

Also on top of the mortgage is a 150 Euro charge per month for the maintenace people who look after the complex. - we have not apaid this for 6 months so they say we can rent it until its paid - catch 22!!

If we could just stop paying then we would take that route, i know it's losing a lot of money but at least we can start afresh and live for the now!

The bank hold the deeds so selling it means having to pay the mortgage. In fact we have not afforded to pay the mortgage the last 2 months and we have had a letter from a debt agency in the UK :eek: Now i am really worried, can they actually take our positions as payment?

I do hope i can get out of this for my wifes health and the kids sake!

Happytogetdebtfree

Can any other family members help? Hugs is there anyone you can speak to? Xx

gfplux

Hello DTD,
Is the mortgage in £ or €. If € you also have a currency risk.
If you sold you say you will still have a £40,000 mortgage/debt.
How much is the mortgage at the moment? If it is higher you would have less to pay monthly to service the debt.
If you sold you would also get rid of the €150 per month service charge.

DTD_2

Thanks for the response!

There are no family members we can ask

The mortgage is in CHF Swiss francs and the account we pay into is in Euros! We have joined some action group as this set up is the worst advice we could have add and there is some talk of a compensation plan.

We owe 300.000 CHF which is around 200.000 euros! And the villa is only worth 160.000 at a stretch! Not to forget we paid 40% so its really lost a huge chunk, i think some if this is the exchange!

gfplux

hello again DTD,
Oh dear you really could not have done worst if the advise you were given and took was from your enemy.
Listening to a relative, earning your main income in pounds, renting in Euros and borrowing in Swiss Francs!!!!!!!!!

Just on currency (this is back of fag packet calculations) the 200000 CHF has lost about €40000 to €50000 and in pounds about £60000.

The chance of any compensation IMO is zero and morally would be wrong as you entered into the contract with your eyes open.

You need to talk to a lawyer, also talk to the Bank, and perhaps you CAN NOT afford NOT TO visit.
Hopefully only your name is on the mortgage.
You may have to go Bankrupt to get out of this.

I am so sorry.

DTD_2

Yes gfplux - lots of money lost

We really do need a lawyer ASAP - But what type do i need and where is the best place to look? I have had a look at local ones but they mostly deal with Conveyancing, but that's UK Law?? Any help much appreciated.

I have been speaking to the bank and they have ask to see our payslip and to come up with a proposal to solve this problem, but i don't really trust them and i feel like i am backed up in a corner

Nickyj

I am so sorry to hear of your troubles and really sorry about your wife. I can't offer any advice but my Dad has had the same trouble with a villa in Spain, he tried to sell it at a loss but even then couldn't get rid of it. He has got somebody long term renting it at the moment but that doesn't even cover the mortgage but it's better than nothing I suppose. I wish you all the best for the future and hope everything works out for you x