selling apartment in Paralimni.

[ptroncin]

Hello,
I have an apartment in Paralimni near the Green Line. I was unable to find decent tenants to rent for the long term. I have a mortgage with Emporiki bank and have to pay interest only until August. At this point I will have to repay the mortgage every month. And I do not even mention all the cost like management fees, insurances, evaluation and so on and all the troubles I got with different Bulgarian bad tenants.
I honestly want to get rid of this bad investment. The price went down since 2008 and If I sell it I will lose at least 50 000 euros. If I want to put it on sale I do not know how long it will take because other owners have been putting up a sign for a couple of years to sell and still no success.
So I was wondering if I can walk away from this bad project and leave it for the bank to deal with it.
I will not be able to pay monthly on the long run especially without getting any tenants.
Thank you in advance for your help.

best regards,

Patricia

[Nigel Howarth]

I was wondering if I can walk away from this bad project and leave it for the bank to deal with it.

I'm afraid not - it's likely that the bank will pursue you for payment. You could follow your neighbours example and put the apartment up for sale - or you could try to negotiate with the bank.

If you have a Swiss Franc Mortgage and believe it was mis-sold, there are a number of groups negotiating with the banks and taking legal action against them - let me know if you want their details.

Regards,

[ptroncin]

hi,

thank you for your quick answer.
no i do not have a swiss franc mortgage.
all i had kept with me is a page from the developers promoting the property off plan. Since it is located very close to the Green line it says (back in 2005 2006) a solution will probably be found between Turks and Greek Cypriots. and once the buffer zone is open with full access to the beach etc the price of the properties nearby will go up.They even gave an estimate of the property future price. i can see now this opening will probably not happen anytime soon.
The price may even go further down due to bankruptcy threat for Cyprus government.
So i do not know what other owners in simillar cases are doing with their properties. If they can afford to keep it or talk with their bank.]