Defaulting on mortgage

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SWJ
Posts: 3
Joined: 06 Apr 2014 13:26

Defaulting on mortgage

Post by SWJ » 03 Jun 2019 22:33

Hi Nigel

I have a property in Pissouri which is now showing signs of the landslide, it is not good. I feel that in one years time things will be very very bad. I am on a complex of 30 apartments. We are nowhere near being evicted but it will come.

What would happen if I stop paying the mortgage and let the bank repossesse the property? I do not want to pay the loan when things get really bad.

I'm ready to cut my losses and walk away.

Regards
Steve



Nigel Howarth
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Re: Defaulting on mortgage

Post by Nigel Howarth » 04 Jun 2019 10:31

Hi Steve

I'm sorry for you and everyone else whose homes are being destroyed by the landslide. I was there last week with a reporter & photographer from the Daily Mail and the Mail will publish the story - hopefully this week.

If you stop paying the mortgage, the bank will almost certainly repossess it, but that will not be the end of it. You can read about the experiences of a Cypriot family in my article.

The bank will assess the property's market value and deduct that figure from the outstanding balance of the mortgage - and expect you to pay the difference.

Are you a member of PHIG? I suggest you speak with their lawyer (Elina). She may be able to advise you how best to address the problem.

Regards


Nigel Howarth
Independent information & advice for Cyprus property buyers
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SWJ
Posts: 3
Joined: 06 Apr 2014 13:26

Re: Defaulting on mortgage

Post by SWJ » 04 Jun 2019 10:48

Hi Nigel

I'm not part of PHIG but I know the solicitor you mention.

Thanks



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