Saving my house and assets from Cyprus Bank

hildosaver

What shortfall do you have at the moment each month? Are all your BTL's fully tenanted? How much do you need to pay out each month in mortgage payments? How much rent do you receive?

Sounds like you will have to bite the bullet and sell a few of your properties to get yourself out of negative equity in the problem house.

At the end of the day, if you have mortgages with a limited LTV in each house then you have exposed yourself to a large risk and sadly for you it has not come off, cut your losses and get on with it.

Thrugelmir

dotdash79 wrote: »

It's scenarios like this that can make an smart accountant very handy to have.

Doubt they'll wish to lose their practising certificate and therefore their livelihood in trying to circumnavigate the Insolvency Act 1986.

racing_blue

Db in your first post you say the house is or was worth 375k and later on you say 50k. Am I reading that wrong, or has property value really dropped by 85%? I'm also confused about the the 200k mortgage + 30k deposit

Does this mean:
-you paid 230k for it
-in normal conditions you'd expect it to be worth 375K now
-but because Cyprus hit by financial problems you expect you'd only get 50k today

If so, my instinct suggests keep looking for creative ways to keep paying that mortgage, to avoid being forced into a fire sale?

Mrs_pbradley936

Is the issue that the house abroad does not cover its outgoings?

Does the rent from your other properties allow you to pay your expenses?

While you might want to walk away but if you legally cannot you might be better off robbing Peter to pay Paul using your own properties/assets.