property

[tomfield]

I have a property in Portugal
can no longer pay mortgage
bank extremely unhelpful,
i am from Ireland and have returned home ,as I lost my job in portugal
I owe 185000eu
what will happen if I cannot pay

 

[Veronica]

I would imagine that the same would happen as anywhere if you default on mortgage payments. The bank will repossess the property and sell it. However if it is sold for less than the the existing outstanding mortgage you will still be chased for the balance.

Veronica

 

[totallyproperty]

I have a property in Portugal
can no longer pay mortgage
bank extremely unhelpful,
i am from Ireland and have returned home ,as I lost my job in portugal
I owe 185000eu
what will happen if I cannot pay

Hi tom

Veronica is spot on. You need to sell ASAP or find a way to pay the mortgage. Please PM me all the details... as I buy lots of properties and if you can send me details I'll take a look and see if I can help.

If not then try listing it for sale on here and see if you get any takers. Much better than defaulting on the mortgage and getting into negative equity....

Look forward to hearing from you!