Bulgaria Ski discussion board

Hello,

I am curious to know what banks are doing about mortgage foreclosures in Bansko at this time. There are thousands of properties so i would imagine that quite a few owners have been affected by the credit crunch and are now unable to meet payments. The reason I ask this is because I am infact struggling to meet payments - I have been told that I should speak to the bank, but I just want a clean break and would be interested to hear of the destiny of owners in my situation.

Thank you

Ouch.
Thing is even if you did "hand the keys back" they would sell it for what ever they could get for it & any shortfall in paying off the mortgage they would make you pay the difference. If you didnt your credit rating would be junk for a decade or more & youd still have to pay it off in the future. Also if you have any UK assets/house say they could put a charge on your propertyto ensure you pay them what is rightly their money you borrowed.

Not sure how you can sell currently as there are plenty of brand new places for sale competing against you + many others like you who have to sell. Its not a great position to be in and I dont know of a way out for you.
I highly suggest you speak to your bank asap rather than just let things happen & citizens advice beaurau.

Or Parents to give you your inheritance a bit early to pay it off.
Or take it to a UK auction and see what happens.

I would definately approach your lender, you will generally find them to be helpful, the last thing they want is for you to walk away, you loose and they loose, in the current climate the only people to benefit will be auctioneers or resale agents, and of course any one with funds available may get a bargain.

Depending of course on the sums involved and if theres any equity in the property, it may be possible to find a buyer and not lose out, however there do seem to be a large number of properties available which is no doubt keeping prices low.

However if you have a mortgage on another home it should be safe, unless you have taken out a second mortgage and secured it against that property in order to fund the bulgarian one.

Hope it works out for you.

IHi
With regards to handing in your keys on your property in Bulgaria this is a decision of last resort and should only be considered once you have exhausted all your other options . Also i am not aware of any multi lateral agreement between the UK authorities and the Bulgarians that would allow for any assets you own in the UK having a deed of charged placed upon them by the Bulgarians. My advise would be to speak to your lender,explain your situation, ask if your repayment can be changed to interest only. Then put your property on the market. Though my final piece of advise would be if you current situation is impacting on your finances in the UK and could affect your future prospects you must do what is right for you, regardless of what i or anyone else says.