mcast12

My sister has become seriously ill and can't afford her mortgage payments anymore.

She's been paying a mortgage in Italy for over 10 years. It's unlikely that an auction will cover the mortgage and her efforts to sell over the past few years have went nowhere.

The only thing I can think of is she contacts the bank, however the only avenue she can take is let it be repossessed.

Does anyone have advice or experience in something like this?

Thanks in advance.

modicasa

Talk to the bank. They dont want o repossess, and with COvid there is a moratorium on mortgage payments, so she can legally freeze them, and then try and sell the house. The worst thing to do it do nothing. Show willing to sort out the problem and the bank, (and ultimately the courts) will be on her side. Good luck.

Accetturese

As Modicasa said, speak to the mortgage provider. Make full use of any provisions for a mortgage holiday due to the virus and seek more advice. I cannot believe that after 10 years of payments your poor sister is faced with having to walk away.
It must be awful for her. I am very sorry.

philat98

In the block I live appartments have gone down in price by about 50k in the last 10 years. A neighbour was evicted by the bank 3 years ago. He removed every item from the flat that was possible to take (using tools) before handing it over. I imagine lots of Italians have negative equity problems.