We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Mortgage problems in Bulgaria
caringa
Posts: 676 Forumite
Hope someone might be able to help. We have two apartments in Bulgaria which have mortgages on them through a Bulgarian Bank. We are having great difficulty communicating with them and have done really since we took the two mortgages out.
Firstly, they dont and wont send statements. Secondly because of this, we have got into problems with our monthly payments, basically because the rent we received on the properties no longer covers the mortgage payments.
They have now threatened to repossess the properties which will mean we loose an awful amount of money. They gave us 7 days notice to find the outstanding funds.
We have now been pushed into finding about £20K (which we are having to borrow from a relative) to pay the outstanding interest amounts. We had absolutely no idea that this had accumulated due to there lack of communicaiton. We are actively trying to sell the properties but without much success. However, the bank still wont renegotiate a payment plan which we can understand and we dont want to send £20K only to loose it if they decide to repossess.
Any helpful suggestions would be much appreciated.
Firstly, they dont and wont send statements. Secondly because of this, we have got into problems with our monthly payments, basically because the rent we received on the properties no longer covers the mortgage payments.
They have now threatened to repossess the properties which will mean we loose an awful amount of money. They gave us 7 days notice to find the outstanding funds.
We have now been pushed into finding about £20K (which we are having to borrow from a relative) to pay the outstanding interest amounts. We had absolutely no idea that this had accumulated due to there lack of communicaiton. We are actively trying to sell the properties but without much success. However, the bank still wont renegotiate a payment plan which we can understand and we dont want to send £20K only to loose it if they decide to repossess.
Any helpful suggestions would be much appreciated.
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.6K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455.1K Spending & Discounts
- 246.7K Work, Benefits & Business
- 603.2K Mortgages, Homes & Bills
- 178.1K Life & Family
- 260.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards