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 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 finances. can they send baliffs round. will my credit rating be affected in the uk. i dont care about canada because i wont be buying anything there in the future. if anyone can help or has great ideas of how to get myself out of a difficult situation i would be greatful.
Answer
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.
