I want to bury my head in the sand

[erikah]

I have just read this article and felt a lot more positive.
I purchased a property a few years ago and it is not due to complete for another 2 years - in the meantime the developer has been drawing down from the mortgage.
When the property is finished, what is likely to happen if I did just bury my head in the sand? Would the bank just take the property off me? Or could they possibly come after me in the UK? I did speak to a few lawyers on this matter and they told me that I could incur huge fines etc.

The worst thing you can do is bury your head in the sand in the hope that the problem will somehow go away; it will not.

The first thing to do is discuss the problem with the bank that loaned the money - they may be willing to help. If you just do nothing, the bank may get possession of your property in Cyprus and a money judgment against you. They could then register that judgement with the Courts in England, Wales and Scotland and seek possession of your UK assets to recover the debt. However, that would take the bank a very long time - and it is unlikely that they would want to pursue you though the UK Courts. However, this is an option open to them.[/color]

[Nigel Howarth]

Hello Erika,

As I said the article, burying your head in the sand is the worst thing you can do. For others who have not seen it, they can read it at: 'HELP – I can’t pay the mortgage!'

There are many, many people having mortgage problems - to give you some idea, 4 of them contacted me yesterday. I hope the article helps, it is a very worrying time for all concerned.

Regards,