Potential mortgage default - impacts?
Oct 9th 2009, 2:07 am
#1
Just Joined
Thread Starter
Joined: Oct 2009
Location: Alberta, Canada
Posts: 1
Potential mortgage default - impacts?
Hi everyone,
I'm sure our situation is not unusual however we may be about to default on our mortgage on our flat in Paphos. We bought it in 2004 as a long-term investment and a place for family holidays, alas with the economic situation, we have lost jobs/taken major pay cuts and can no longer afford to pay for the flat.
Our mortgage is with Alpha Bank who have been completely uncoopoerative when we approached them about restructuring our mortgage, and are now threatening legal action.
We are accepting the fact that we may now lose the flat and the significant savings we put into it, but are still really worried about what steps Alpha Bank can take against us and how it will affect our credit rating in the UK. Does anyone know what the repercussions may be?
I'm sure our situation is not unusual however we may be about to default on our mortgage on our flat in Paphos. We bought it in 2004 as a long-term investment and a place for family holidays, alas with the economic situation, we have lost jobs/taken major pay cuts and can no longer afford to pay for the flat.
Our mortgage is with Alpha Bank who have been completely uncoopoerative when we approached them about restructuring our mortgage, and are now threatening legal action.
We are accepting the fact that we may now lose the flat and the significant savings we put into it, but are still really worried about what steps Alpha Bank can take against us and how it will affect our credit rating in the UK. Does anyone know what the repercussions may be?
Feb 1st 2010, 10:49 am
#2
Just Joined
Joined: Feb 2010
Posts: 8
Re: Potential mortgage default - impacts?
Hi everyone,
I'm sure our situation is not unusual however we may be about to default on our mortgage on our flat in Paphos. We bought it in 2004 as a long-term investment and a place for family holidays, alas with the economic situation, we have lost jobs/taken major pay cuts and can no longer afford to pay for the flat.
Our mortgage is with Alpha Bank who have been completely uncoopoerative when we approached them about restructuring our mortgage, and are now threatening legal action.
We are accepting the fact that we may now lose the flat and the significant savings we put into it, but are still really worried about what steps Alpha Bank can take against us and how it will affect our credit rating in the UK. Does anyone know what the repercussions may be?
I'm sure our situation is not unusual however we may be about to default on our mortgage on our flat in Paphos. We bought it in 2004 as a long-term investment and a place for family holidays, alas with the economic situation, we have lost jobs/taken major pay cuts and can no longer afford to pay for the flat.
Our mortgage is with Alpha Bank who have been completely uncoopoerative when we approached them about restructuring our mortgage, and are now threatening legal action.
We are accepting the fact that we may now lose the flat and the significant savings we put into it, but are still really worried about what steps Alpha Bank can take against us and how it will affect our credit rating in the UK. Does anyone know what the repercussions may be?
I am sorry to hear about this and suspect you are not alone. Has anything happened since your posted this?
Jan 6th 2011, 9:44 pm
#3
Just Joined
Joined: Jan 2011
Posts: 1
Re: Potential mortgage default - impacts?
Hi, has this progressed at all? I am in a very similar situation, with Emporiki bank in Paphos. Their demands are impossible, they won't meet me half way and are threatening legal proceedings next week. Please respond back to me either way. Kind regards
Mar 17th 2011, 7:14 pm
#4
BE Enthusiast
Joined: Jul 2009
Location: Limassol Cyprus
Posts: 348
Re: Potential mortgage default - impacts?
Hi, please do not whatever you do, take the keys back to the bank, or send them to the bank. They will only send them back to you, and you will still have the same problem.
