Portugal mortgage default

R

Rockyob

Guest
I m having difficulty keeping up with payments on an
Investment mortgage Holiday apartment I bought 5 years ago in Portugal
What would be the implications for me in Ireland
if I default, the mortgage is with a portugese
bank ,any ideas
 
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Firstly sorry to hear of your position, I assume it's pretty stressful for you.
I think this principal has already been discussed on other threads - have a look around the site. I think the general consensus was if necessary the Portuguese bank could come after you for this debt.
I assume that they have your full contact and identity details (as a result of having processed your mortgage) and so they will be able to reach you here in Ireland if needed. Whether they decided to do that would probably depend on how much money you owe them and what assets you have in Ireland that are available to them.
How much is the property in Portugal now worth? What is the outstanding value of your mortgage
What securities did you offer them when you took the mortgage? Did they ask for any?
The answers to these questions will probably determine how the bank proceeds. In my case, I got a mortgage in Spain based on my earnings here in Ireland - if anything happens in Spain they will have no right to come and seek assets here in Ireland.
 
Macstuff said:
, I got a mortgage in Spain based on my earnings here in Ireland - if anything happens in Spain they will have no right to come and seek assets here in Ireland.
Click to expand...

How so?

Rockyob, as it is Portugal and a country where many Irish buy property, the Portugese banks would be well up on chasing Irish defaulters would be my assumption. To this end they will have all your details for that exact eventuality. If you have no job and no assets in Ireland you have a better chance of them not chasing you legally. Don't ignore the problem.
 
If the property in your name in Ireland is mortgaged there is very little the Portuguese bank can do.
 
I'm in same situation now as yourself. I was on interest only on portuguese mortgage. Have big mortgage in Ireland I'm trying to pay and cant keep the two. I told portuguese bank I wanted to hand back the keys and they threatened to pursue judgement in Ireland. Just wondering how you got on subsequently if you don't mind me asking and what advice you would give ? Do you know of any reputable English speaking solicitors in Portugal ?
 
Rockyob said:
I m having difficulty keeping up with payments on an
Investment mortgage Holiday apartment I bought 5 years ago in Portugal
What would be the implications for me in Ireland
if I default, the mortgage is with a portugese
bank ,any ideas
Click to expand...


Mind me asking how you got on ? I'm in a similar situation at the minute and they're threatening all kinds of legal action and seeking judgements in ireland against me
 
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