Handing back the keys

[sunnybeach]

Hello,
My husband and I bought a property in Sunny beach in 2008 and have taken out a mortgage with piraeus bank. We have since split up and neither of us now want the property; since seperating we also have a lot less spare cash to pay the mortgage.
I have read in the news that a large number of properties are now on the market since so many people have defaulted on their loans. We cannot sell the property so this appears to be our best option.

I would be interested to hear what happened to these people that defaulted on their mortgages?

Kind regards

 

[ladybird2011]

You can sell anything at a price! You might not get back what you paid for it but you would at least get some cash back. What complex is your apartment in and how much would you need to sell for to cover your outstanding mortgage. There are investors around hunting for bargains.

Basically as with any mortgage default, if you do not keep up payments, eventually the bank will go to court for repossession and will then take over title to your property and sell it at well below market value to recover some or all of their costs.

Have you tried talking to the bank in question, explaining the situation and seeing if they could reduce the monthly payments or help you sell it?