Foreign investor, properties in Poland, walk away from mortgages?

It is very unusual.


Nope, the spelling and grammar are both far too good for MoOli / Kneegrow / Mooselimb / Golddigger / harrys_dad / Dontgagmeyo / etc (yes, he really has used all of those usernames, and more). Besides, I think he's IP blocked now.

It's bizarre. 15% is usually the maximum, and for that you should expect excellent service. Easy to let the flat without some bottom-feeding agent, anyway.

Thanks, then that is something my friend can definatly look into to help his situation.

My personal view, there is no blame or moral issue. The investor took a chance, the banks took a chance. Sometimes investors win, the banks always win. Additiionally if you look at the investments that went into countries in this way it helped the economy, the employmet in building and construction, payed alot of workers wages, electrictions, architects, labourers etc. Without investment a country struggles.

Even my friend could end up being on the winning side after 15 years , who knows.

Probably yes, if your friend can stick it out until property values pick up again. It's worth doing the let privately, however tis will obviously require occasional visits to Poland.

From a loosely related angle: many overseas clients were paying £5000 for a kitchen in these black finish apartments. You could easily fit out an average sized kitchen for £2500 and to a high standard as well.

If a mortgage holder (UK based) on a Polish property defaults on repayments and the property is reposed by the Polish bank can bailiffs call on his UK property?

Do the Polish bank need to go through the UK courts to obtain instruct bailiffs to enforce repayment in the UK property of the defaulter? or will Polish court be sufficient for bailiffs to act in the UK?

Yes


No they would go through a international collection agency, so many of them are opening up in Poland now for this very reason.

If you have a problem with repayments, it would be sensible to approach the mortgage lender and try to renegotiate.

Thanks. Yes we will approach bank, but they have already capped the mortgage by about 30%, do you think they would offer more reduction per month? Also I am interested in any investors, I saw on some threads investors will help with the payments in return for a share of the property? Anyone have experience of this?

If those are zloty repayments someone might do that but you will get screwed worse than by the bank.

If they are Chf payments then no chance.

Walk away from that rip off mortgage and thrash it out in the courts if need be. If youre resourceful enough and have decent legal representation you can conjure up all kinds of arguments to support the fact that you were mislead. Shafted by the banks or a chance in court, i know which one i would choose.

Dont listen to Warszawski, hes the kind of guy that would walk into a mobile phone shop and then walk out with a new phone and every single insurance policy going, including "a loss of phone in Antarctica" policy.

WB, my bank covers my phone for free worldwide.

WB, my bank covers my phone for free worldwide.


Ask your lender if they have a foreclosure moratorium for delinquent borrowers, explain your situation and ask them to rework the loan and set up a new repayment plan. Often lender sets conditions for a moratorium, they may require, for example, that the property be the borrower's primary residence and that the borrower have enough income to make affordable mortgage payments. Its better idea than running away and looking over your should for the rest of your life.

It's nice to see everyone joining in to help someone out.


Odd question here but how long does anyone here figure it would take for the the Polish bank bailiffs in question to actually get around to doing that? Like how long would the process take. Are they faster than normal Polish bureaucratic staff and systems?

I know of a British guy here in Warsaw who has not paid his mortgage for 10 months, the bank are foreclosing on him, they are sending people to view his property, when the would be buyers realise they have two children under the age of 6 and there intention is not to move out, the prospective buyers walk because the property is their primary residence, according to lawyers they have discussed the matter with, there is no way to get them out until the kids are 16, so any buyer would have to rent them their property back to them at an affordable rent or find them alternative living, at the high of the market they had 40% equity in the property now they are under water - yes it is a CHF mortgage.

If its an investment property which is not your primary residence I believe the repo would be straight forward.

That could be useful information to nadzski's acquaintance...

Whoops, did you forget to log out of this account before posting that?

So typical of you WB, I helped Kamil set up the account La Mamma using my computer he did not log out. That's the main problem with people with your mindset WB, you are always looking for the bogeyman.

No need to get your knickers in a twist.

Bruv, less of the **** stick bcus I actually do believe you have some valid points on PF.When all is said and done who gives a fukk a Polish solution for a Polish problem. Most of you expats know **** about Polish life from your bubbles.

are you trying to some how link me to an East end of London hooligan? I will assume that you are heavily intoxicated.

Your from the south coast are you not?
Why would I suggest you are from E Ldn?
As I previously mentioned you make some valid points on PF other times you are a fire cracker,simmer WB.

How did this work out in the end mglaze ?

I am in the same situation. 3 properties purchased in 2007. All with CHF mortgages. All rented but now £1200 cash negative each month.

Now facing an issue in that they are £100k negative equity due to the dramatic change in the CHF SNB policy on rates this week so don't feel I can get out as I don't have these funds. But I cannot continue as cash outgoing needed to keep it going have also risen by 30% and I was struggling already with the monthly payments.

Feeling really stuck so wondered if you were in the same situation or had resolved it. If the latter any pointers or advice from your practicle experience would be much appreciated.

Id advise you to stick it out if you can. If you walk away they will sell at a bigger loss than the negative equity and fees will be loaded onto the debt, They can pursue you for many years, however they can't take your family home.

One positive is that the Swiss have severly damaged their reputation and the CHF safe haven status maybe deminished. which may lead to a fall in the the CHF long term

Try and contact other investors who are in similar situations, there are thousands, get together via a facebook group or something and all refuse repayments at the same time. If you owe the bank £10k you have a problem, owe them £10m and they have a problem.

Maybe just walk away and avoid all contact with the banks. Its not really your fault, you were just unlucky.

Follow that advice and the lender will screw you for every penny he can, as a matter of principle. And if a load of borrowers do it at the same time the legal fees will be less.

Even if the bank failed the debts would be pursued to the very end. The UK is still getting money from Icelandic banks loans from the crash as are the irish recovery bank.

Wroclaw buy what you are saying, walk away? have you read any mortgage contract? Do you know what happen next? do you know that the bank can chase you over the EU and UK, Ireland... The worst thing is just to not speak with the bank and walk away. Then the bailiff will sell your apartment and you will still have a debt which will be increasing. If there is10 customers from uk the bank might be will not be interested to chase you there but if there will be 1000 for sure it will be profitable for the bank to hire the best London legal office to chase you there even in 20 years time.

I helped many customers who wanted to walk away, I negotiated with the bank new terms and conditions, I took over management of the property to increase income and together with owner we manage to do that everything looks better, not wonderful, but better. I admit that to a few I did not help because they did see any hope.

first send me you mortgage contract and I can check what can be done. tell me about property and I will tell if there is any sense to do anything or the best thing is to walk away. if walk away I will tell you how to do it. that you was clear also in your country.

I specialize especially in Getin Noble Bank. it is my "favourite bank"

you can just write me:

I am entrepreneur and business adviser. I can help you just send me a private message.

hi

you can move your property to LTD company when you bought them by cash. But if you bought it from mortgage in land registry the bank still have his note about it. secondly to move property to LTD company is it necessary notary and notary will check everything and without permission from the bank you will not be able to do it. I am describing only rules in Poland

regards

hhickmott
This work is my daily bread. I've dealt with many individual investors who had ventured into Poland but were forced to default on their CHF-indexed loans as they could not afford to keep throwing good money after bad. I deal with Polish banks on daily basis and a lot will depend on your personal situation and your attitude towards defaulting. The whole process is complex but I'm happy to assist, without any obligation, if you'd like to contact me. My email is my user name followed by at gmail.

The problems facing foreign investors, who took out CHF-indexed loans in Poland to finance a property purchase, are complex and any consideration of the default option ought to be preceded by proper advice. This work is my daily bread. A lot will depend on your personal situation and your attitude towards defaulting, but there are safeguards that can be put in place if you are forced to pull the plug on your investment. The whole legal process can be complex but I'm happy to assist, without any obligation, if anyone would like to contact me. My email is my user name followed by at gmail