Good money after bad

[Gejt]

It's been a few years now in the Cyprus market dealing with dodgy agents, dodgy developers, and dodgy tenants. I have lost my job in the UK but a sale of my apartment near protaras is years away.

I am about to cut all financial ties and relocate outside the EU and would be happy to just cut my losses and not throw good money after bad. So does anyone have an opinion on what will happen if I just walk away and leave the apartment to the Cyprus bank?

 

[Nigel Howarth]

Hi Gejt

I understand your feelings on losing your job - I've been there as well.

Before you give up on your apartment completely, have a word with the bank and your property developer. You may be able to cut a deal that will enable you to recover some of your money.

Regards,

 

[Gejt]

Hi Gejt

I understand your feelings on losing your job - I've been there as well.

Before you give up on your apartment completely, have a word with the bank and your property developer. You may be able to cut a deal that will enable you to recover some of your money.

Regards,

Thanks for your post Nigel. The bank doesn't seem interested. Do you know whether a bank would just take the property or pursue me outside of Cyprus?

 

[Nigel Howarth]

Hi Gejt

I really don't know what the bank will do - I suggest you take legal advice on how best to proceed.

(I've had a few emails on the subject over the past few days. I'm pretty easy to find from my website. Get in touch & I'll send you contact details).

Cheers,

 

[Randall]

Hi Gejt

Is your mortgage more than the property is worth ?

If not sell at rock bottom price just to pay the bank...if it's a bargain someone will buy amd get you out of a mess.