Mortgage problems in prague

B

Broomhill31

Guest
Hi,

Could someone help please. I purchased a property in Prague 2007. My mortgage is more than the value of the property. i am in negative equity. I also cannot afford to pay the monthly mortgage now due to financial commitments in the uk. is my best option to hand it back to the bank?? if so what are the consequences. Any help much appreciated.
Thanks
 
What development did you buy in? Don't think prices in good locations in Prague depreciated that much. Who is your mortgage with? Is it Raiffaisen? Are you on a 1-3-5 year fixed rate?
 
Mortgage debt in Prague

Hi,
I have a flat in prague .. got a mortgage on it 6 years ago ..paid 15% down payment on an off plan construction. The agents overvalued the flat and now am in negative equity. I have a tenant but the rent is way below the mortgage repayment. I have tried to sell the flat for the last 4 years but cannot get a buyer. Even if I sell I will still owe the bank more money than I paid on the deposit implying a huge loss. I am struggling to make the repayments. I am thinking of defaulting as am in the UK. Has anyone been in this situation?
 
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