There is no way a Latvian bank can pursue you for your Irish assets. The only option open to try and recover the debt would be to request extradition to face trial in Latvia. This would almost never happen.
I'm sure you're aware that if you default on your mortgage payments, you probably won't be able to receive credit in Latvia again.
There is no way a Latvian bank can pursue you for your Irish assets. The only option open to try and recover the debt would be to request extradition to face trial in Latvia. This would almost never happen.
I'm sure you're aware that if you default on your mortgage payments, you probably won't be able to receive credit in Latvia again.
I can think of several ways in which a Latvian bank could enforce a judgement here. Have you considered trying to do a deal with them?
Although 80K is a lot they are likely to sell the property in an auction for say half it's original value. So I would owe 45K. Question is will they ignore this. I have equity in my home to cover this sort of amount so I could be forced to give up my home to pay back.
I don't really get this, it strikes me as wishful thinking
why would they ignore it? If the debt is enforceable, why would they write it off when you have other assets that can be utilised?
I never told them I have equity. In easy credit time in Latvia back in 2006 when I applied to borrow they never wanted to see any existing equity. Only bank statements showing income.
So in the event of the bank seeking to recover this debt can they identify my assets here? If they think I have nothing then 45K may not be worth it for them. Or in these circumstances can debt collectors pipoint personal assets such as home/bank balance/investments (in which case I am stuffed)
irony of ironies.....
http://www.askaboutmoney.com/showthread.php?t=113141
looks like there could be a distressed sale in latvia shortly, chickens, roost, home re-arrange at your pleasure
Secondly before people start gloating because I was looking for distressed sales in other locations they should understand that a distressed seller may actually be quite happy with an offer if it helps them get rid of a property they are losing money on and one somebody else wants.
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