If i hand the keys to my canadian ski condo back to the CAD bank what effect does it have on my UK finances?I cant afford the Condo / Apt i brought in Mt Tremblant Canada a few years ago. The rental income just about covers the mortgage payments. I dont have any spare cash in the UK to keep topping it up. I have tried to sell but no luck. If i hand the keys and deeds back to the bank what effect will it have on my UK... | |
Yes, the will attempt to recoup the outstanding debt. They will most likely put your condo in to auction with no reserve bid ( this means that in theory someone could buy it for $1 canadian ) and that would mjean that you still owe the rest.
If you are considering handing back the keys dont. put the property in to auction yourself with a senible reserve price that way you wont get burned to bad.
Also had you considered remortgaging the property and using the money to pay for the property for a while until it can be sold.
or part exchange it with a new build house that way the developer will take on you unsaleable property and you will have something that should be more likely to sell and give you your money back.
Of course I don't recommend that anyone skip out on their bills, however what you are referring to is commonly known as "voluntary repossession" which is better than them coming to get it from you. It still shows bad on your credit. My concern would be to research what if any effect it would have on my credit as a whole... does it cross international boundries? You could also find someone willing to take over payments and just give them a deed of trust. You can find more information on that here... http://legal-dictionary.thefreedictionar...
or here...
http://deed-of-trust.info/
hope this helps you, as always when in doubt don't and don't be afraid to do your homework!
I wish you luck.
well tell us on here how much you owe and where it is and maybe 1 of us will buy it off of you cheap and save your butt
ur uk finances will be lost
