Proprty Repossession

[virgo]

Hi there,

Just came across this forum today.

The story is I have a leaseback property in Antibes, France. It the beginning, the management company didn't pay the rents for first year but now we have Odalys and rents are being paid on time. My rents have been seized sin Sept 2011

But then I lost businesses here in Ireland and have little to no income so mortgages in Ireland as well as the one in France have fallen into arrears.

My property is due to be repossessed March 25th and the reserve is approx 70% of the original price I paid.

I offered to pay bank 200 -400 euro per month but they refused and I recently offered to sell property with management company at the market value thus the loss would be only 3% but I didn't even get a reply from that offer.

Just need advice on what I should do now or if indeed I am a lost cause?

Thanks

[Sprogster]

virgo, if you bought your leaseback property in Antibes more than three years ago, the value has more than likely decreased since the peak of the market by 30%, so the reserve price might be reasonable.

My understanding is that the leaseback property market in France is very weak at the moment, due to over supply, recent reduction of the tax advantages and of course the recession.

Another member of this forum called Daft Doctor was posting earlier this week about his two leaseback properties in the French Alps which he purchased two years ago and he estimated that the value had decreased by a similar amount.