Bulgaria Ski discussion board

repossesions

Dan&Kelly Author: posts : 13   (Beginner)Date : 10-18-09 08:53

repossesions

Does anyone know what is happening to those that are unable to afford mortgage payments on their bansko properties?

I have just looked at a UK based bank's website and it sates

"YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

MORTGAGE CONTRACTS SECURED ON OVERSEAS PROPERTY ARE NOT REGULATED MORTGAGE CONTRACTS UNDER THE RULES OF THE FINANCIAL SERVICES AUTHORITY IN THE UK.

Will the bank also come after UK assets?
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Christine David Author:christinedavid posts : 42   (Beginner)Date : 10-18-09 11:04

re: repossesions

I'm afraid they will probably lose their properties. Some estate agents seem to be selling off repossessions really cheaply.
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Mat Author:Mat posts : 1182   (Master)Date : 10-18-09 12:02

re: repossesions

The other alternative is that the developer will use the European Payment Order to make a charge on their home in the UK (or other assets that they may have). Or Ireland, of course.
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Smag Author: posts : 13   (Beginner)Date : 10-18-09 19:44

re: repossesions

Mat, don't mention Ireland again!
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