This is no surprise i started a thread in 2008 about this very issue, the writing has been on the wall for a long time. I can tell you that 90% of mortgages awarded between 2006 and late 2008 were denominated in CHF. So youre not alone, this is more a problem for the banks than you, 10's of thousands have defaulted, many foreign investors have literally disappeared off the radar, realising that a drop in property prices in adition to negative currency fluctuations just doesnt make economic sense, not even in the long term. Like the old saying "if you owe the bank 10k you have a problem, if you owe the bank 10 million they have a problem". At some points banks just write of losses and then go begging to the government for a bail out.
Can this even really affect me outside of Poland?
Who knows, at some point they may catch up with you.
1. Man up, hold and ride it out, hoping your other investments will compensate
Man up my ass, hes not going to come good on these properties for a long, long time. Man up has nothing to do with it, you can man up in a fight, man up in bed, if you cant pay you cant pay. What a ridiculous thing to say.
2. Find another investor, to buy your real estate at a deep discount and take the hit.
Thats even worse. Find a mug you mean.
Yes, they will come after you, with a click of a button they will find all your other assets.
BS, youre a banker you would say that.
The only advice this man should be given is to contact his mortgage lender/bank and find a solution.
Whilst that is the correct thing to do i dont think he should, banks only provide an umbrella when its not raining and take it away when it is (winks to BM), they'll simply shaft him more on the long run.
Speculate to accumulate, sure; but if you went in feet first without a thought for downside risk, take the loss as you ought to. And invest within your means next time.
Crap were not playing by our rules, these are the rules implemented by the powers that be. Nobody gets rich without taking risks and we all want the green stuff.
EDIT: he should have not been dazzled by the lucrative APR of the CHF though, but come on you see a property and get dazzling images of driving a Porsche and all the other shite. When he bought he probably expected to flip before the mortgage even kicked in. Ahh the old hindsight.
Talk about a brainwashed society.