Negative equity and question about unencumbered holiday home

C

campo

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Hi. I am 64 years old. Bad health and not working. Over the years, I have invested in property, which is approx 60% in negative equity. So I don't have any solution to the problem. I am prepared to surrender all properties, however there is one property that I hold the deeds of. My holiday home in France. Is there any way I can protect this? There is no mortgage on it. I have been told to lease it to my kids, and this will protect it from repossession. Is this true? I'm interested to hear other people's experiences in this area.
 
Welcome to AAM Campo. Just because you are in NE doesn't mean it has to be a problem unless you cannot pay the mortgages.

Does your Irish mortgage company know about the French property, did they finance it? If it's one of those typical French leasebacks, it can be hard to sell them, as far as I know, they are a bit tricky.

How are you planning on leasing it to your children? Presumably under the French legal system?
 
Bronte said:
Welcome to AAM Campo. Just because you are in NE doesn't mean it has to be a problem unless you cannot pay the mortgages.

Does your Irish mortgage company know about the French property, did they finance it? If it's one of those typical French leasebacks, it can be hard to sell them, as far as I know, they are a bit tricky.

How are you planning on leasing it to your children? Presumably under the French legal system?
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Ta for answering. I am presently paying interest only. not a hope in hell of paying capital. Yes they know i have the french property. I have no mortgage on it. I have been informed that this is the best protection under french law.
 
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