megans mum Posted July 10, 2008 Share Posted July 10, 2008 Hello,What happens if you own a property in France and you can no longer meet the mortgage and bridging loan commitments to the bank. I would assume that the property is repossed and sold as a matter of course but what if there is a defecit in relation to the final sold amount and the amount outstanding to the lenders ?This is a worst case scenario but your help would be appreciated.Regards Link to comment Share on other sites More sharing options...
P-D de Rouffignac Posted July 11, 2008 Share Posted July 11, 2008 Before you reach the stage of possible repossession, you can sometimes get a (up to) 2-year suspension of loan repayments, on application to the local 'tribunal d'instance'; or seek an arrangement using a service of the Banque de France called the "commission de surendettement". A lot will depend on the circumstances, such as loss of a job, illness etc that may affect you ability to repay. If property is sold by the loan provider, it is possible the proceeds will not cover the mortgage, and the bank could pursue the lender for the difference......Not good news I am afraid. P-D de Rouffignac Link to comment Share on other sites More sharing options...
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