Real Estate / Foreign investor, properties in Poland, walk away from mortgages? [209]

HI again.
Thank you everyone for contributing into the conversation.
Just to clarify I did not mean to open a political debate; Communism, capitalism, who is right or who is wrong.

I simply would like to know how many people default on a mortgage in Poland. ( I am sure there must be many)
More importantly I would like to know how can bank in Poland force me to pay back if I live in USA?Can they go after my proprieties in USA? Will they just damage my credit? I would think that it has to be pretty complicated, taking in consideration that there are two different countries involved.

Please let's not get into the moral issues of this, I am looking for an advise on precisely how will the bank act if I walk away from the mortgage.

Thanks

Real Estate / Foreign investor, properties in Poland, walk away from mortgages? [209]

I would like to know how did you approach the situation.
I can imagine that a lot of People in Poland have very similar problem. I do not think that the initial 1800zl did go up to 3600zl. I have started to pay about 2300zl and it came up to 2800zl, I am not sure why , because my father is taking care of my investment and looks like even though the value of zloty came down a lot the LIBOR or some other interest came down.

I agree with you completely that banks have a big problem, not only banks but Polish government as well, if what you are saying were true people would not be able to cover the bills and with so many mordgages the whole economy of poland would loose.

I do not even follow it precisely but know that the very high payments lasted for one or two months, Polish people are use to this, there have been problem of inflation and all other unstable problems throughout history so i would think a lot of people do not want to give up the apartments or hoses, firstly because there is no possibility of bankruptcy.

To sum up.
Today you have a loan the is twice and high as the value of your house or apartment.
In a matter of one year or two or let's say three years Polish zloty can get stronger let's say 2.5 for Swiss , I know that this seems very unlikely but in reality it is possible.In this case you are almost even. In todays world does not matter if you are in California, Florida or London the economy is slow and especially real estate that has been bought in 2007 does not look good.

I think this is all BS and if I could i would leave the mordgage today, unfortunately in Poland there is no way to get rid of this loan and there are a lot, I mean a lot of people in the same position.

I am actually looking for someone that would help me to get out of this loan but from the experience i know that the best option is just wait and hope that things will turn around.

Poles are very interesting when you ask average Pole how much do you make a month they tell you 2000zl is average, 3000 zl is pretty good but they drive 100 000zl cars and this is the average car. The same goes to mordgage payments even though the payments go up 40% for some reason they will pay it, in stead of go out on the street and say hej, this is pure BS we got the loan but something is wrong we do not want to pay it this high.

I do not know, investments are like this, it would be sweet if you could take a loan send couple hundreds pounds for several years and then cash out , this happens but not always this is part of investing, and now we are simply loosing.