Process for Defaulting on Foreign Mortgage

[jazzyjazz]

Hello all

This is my first post and I want to thank all of you for your time in helping me with this question.


I am a Dual citizen of USA and Holland. I lived in Holland for 12 years and during my time there I bought a studio apartment. I have in the past 2 years moved back to the USA and have been trying to sell my studio in Holland. Unfortunately, I have not been able to sell it, and I still owe quite a bit for it. At this point, I am afraid I may not be able to keep up with the mortgage payments. I have contacted the bank to see what can be arranged and they have not been helpful at all. My question to this forum is.

1. What would happen if I defaulted on my mortgage for this property in Holland?
2. Can they go after my assets here in the States?
3. Will I be banned from entering Holland or any other EU country if I do not pay for this property?

THank you all for any insight you can provide on this.

 

[ClubMan]

It's an unusual question and one that relates to two jurisdictions not necessarily well covered on this site which is primarily focused on Irish personal finance and related matters. On the other hand - you never know - somebody might have some useful advice or feedback for you.

On a general point my opinion would be that it's best to persist with negotiating with the lender in trying to come to some mutually beneficial arrangement for dealing with the outstanding debt.