Could complete default on mortgage holiday ever be classed as criminal?

[Alphamail]

Could could complete default on CHF mortgage ever be classed as criminal?had a couple of mortgage holidays and works dried up,In a dire financial state right now.

 

[Barny]

Could could complete default on CHF mortgage ever be classed as criminal?had a couple of mortgage holidays and works dried up,In a dire financial state right now.

Sorry, I've attempted it on Google but getting nothing conclusive, so can you please confirm what a 'CHF mortgage' is or stands for?

So are you saying that despite having a mortgage 'holiday' you are now in the position where you need to start paying the mortgage but can't afford it?

 

[Veronica]

CHF = Swiss franc

A lot of buyers were persuaded to go for Swiss franc mortgages a few years ago and found themselves in a mess when these mortgages suddenly went up to untenable amounts due to the exchange rates
I am guessing by the username that the op is an Alpha bank client, possibly through Alpha Panareti developers.
This is the biggest group of buyers who have found themselves in a mess after being advised by the bank and developer to go for a CHF mortgage.

Alpha mail I recommend that you talk to your lawyer as I read in the Cyprus Mail that measures have been Put in place to help people with CHF mortgages.

 

[Cyprus Property Buyer]

Could could complete default on CHF mortgage ever be classed as criminal?had a couple of mortgage holidays and works dried up,In a dire financial state right now.

Rest assured that none payment of a CHF housing loan (not technically a mortgage because of the lack of title deeds in Cyprus) is not criminal. That doesn't mean you will not encounter problems if you fail to repay the CHF housing loan.

Ultimately the banks can obtain an EU cross border judgement against you to seize assets you have in the UK. It is HIGHLY unlikely that a Court in the UK would force a sale of a UK property to repay a CHF housing loan but it is very likely that they would agree to a charge being put on the UK property. As you will probably be aware the charge would need to be cleared before you could sell the UK property at anytime in the future.

If you don't own property in the UK or elsewhere in the EU and you don't have any other material assets then defaulting on your CHF housing loan shouldn't be too much of a problem. Do remember though that it should affect your credit rating and raising finance in the future will be more difficult if not impossible.