Mortgage worry! fraud?

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Oscar
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Postby Oscar » Fri Oct 14, 2011 11:20 am

http://www.mybulgaria.info/modules.php? ... ic&t=12658


http://www.mybulgaria.info/modules.php? ... pic&t=9197

http://www.mybulgaria.info/modules.php? ... ic&t=14779




This is the reason that MYBG exists,the information is all there,maybe in bits and pieces,but the advice and info will be somewhere on the forum.Do people actually go back and look for stuff that might be applicable to them before actually going ahead and doing what they are going to do,esp[ecially newbies?...isn't buying property and spending a deal of money worth looking up and doing research on MYBG and what people have gone through for many years now.It's why some people are getting themselves into situations and then complaining about that ituation,when looking for more answers could have prevented it.Like I said,it's what MYBG is for..use it.

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booboo
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Postby booboo » Fri Oct 14, 2011 11:54 am

buksy wrote:Also,
ITS VERY INTRESTING TO KNOW WHICH BANK WAITS 3-4 YEARS TO TAKE FIRST ACTION IF A MORTAGE IS NOT BEING REPAID BY THE PERSON THAT TOOK THE LOAN ( IN THE FIRST PLACE).
Usually it only takes 2 no payments and the bank will start the process to check whats has to be done. And its good way.

Otherwise it will be total chaos and if hard working innocent people start feeling all this hassle, Bulgaria will soon have a bad reputation. Its a very nice place but all this really puts off people from buying especially at this difficult moment.

No one wants to see his efforts,time and money being wasted. After all thats why people trust rea and solicitors and expect from them the true info.

Thanks for ur time and answers


You might be taking that a little too literally. Who knows how many broken promises, reduced payment plans and even court appearances occurred over this period of time before the 'new owners' were requested to make these one off payments as it were as referred to by the OP.

There will have meetings and meetings about the meetings to see what legal footing they held and finally we are where we are at right now. If you take it from the day of first failed payment say 31st Dec 2007 to July 2011 (the date of the first post on this subject) then it is roughly 3 and half years I reckon.

However I read it wrong anyway. The loan was taken in 2007 and subsequently payments were not maintained. That could be as little as 6 months ago.

But like I said you will have to assume that the lender has made as much effort as possible to obtain an alternative settlement or payment plan from the developer as this is obviously the first question any judge/lawyer would ask in the event this is challenged.

It would seem logical (and things don't always work logically of course) that the reason these requests are being made to the new owners (or third party owners is probably another way to look at it) is that we are at or close to the last stage before repossession.

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Hippyboy
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Postby Hippyboy » Fri Oct 14, 2011 8:34 pm

There are a number of issues here , but the OP hasn't reposted to address any of them . He says that he purchased a few years ago , was it before or after the mortgage was taken out ; there was another report of a develeoper mortgaging an entire complex after selling some of the appartments ! Also , a number of the mortgages may have been lifted or cleared , under what circumstances ? The developer has filed for insolvency , but is still selling appartments ! How many appartments were sold before/after the mortgages were taken out , and how many does he still 'own' ? Are there common areas such as a pool , bars , restaurants , shops that the developer still 'owns' ? Did he mortgage them ? Is there a maintainance company in place , or is he 'managing' the complex ? Is he demanding service charges ? How are the bills for electricity , water and local taxes managed ? Are they being paid ? Are annual accounts produced ? Have there been AGM's ? Did anybody attend ? I could go on , but clearly more info is needed to get to the bottom of this . Tim .

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owain
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Postby owain » Fri Oct 14, 2011 8:56 pm

The apartments would have been mortgaged before the OP took ownership. Developers will take out mortgages on individual parts of the complex while it is being built. This has been a common way to develop here.
First the developer will mortgage the land, then the individual apartments,shops etc. In theory, the developer clears these debts while selling off plan and the debt is cleared on each individual space before ownership is transferred. Obviously in this case(and quite a few other such as I posted earlier) he didn't clear the debt.
He told the buyers that there were no debts on the property, the buyers and their representatives didn't check this and they have bought the property with the debt.
All the other points aren't really a concern as it looks as if the bank will take the complex and their properties, whoever owns, manages or pays the services for them. It sounds as if the owners will have to negotiate with the bank or lose the properties but I'm sure the OP doesn't have full details of this yet.

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Hippyboy
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Postby Hippyboy » Fri Oct 14, 2011 10:32 pm

Owain , I take your points , but the OP believes that a minority of flats had their mortgages cleared (presumably just prior to purchase) , so although notices were put on all doors , the bank would not be entitled to repossess the whole complex . Assuming that the bank does repossess the rest of the complex , the debt-free owners might be left with no facilities or services , and presumably , if there is an independent management company they'd jump ship as well . It's also possible that some owners with incumbrances might choose to negotiate with the bank , perhaps taking on a mortgage , particularly if they've lavishly furnished their place and can't get out there at the moment to find somewhere else ; of course many owners may not know anything about the threat of repossession ! An independent management company might attempt to contact them , one would hope so , but is there one ? It's always possible that other MYBGer's might be owners , so the name of the complex would be a helpful starting point . Tim .

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owain
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Postby owain » Fri Oct 14, 2011 11:02 pm

Good point Tim. It would be useful for others to know the name of the complex. The OP also states that all apartment were posted with signs from the bank. I highly suspect that the developer didn't pay any of the mortgages off and the bank will own everything. This is usually the case in incidents like this.
It also sounds as if the Management of the complex has been with the developer as the OP states that the developer attempted to remove the postings from the bank but, as you say, if it's an independent firm, the bank who owns the complex will not employ them any more so they have no responsibility to contact the apartment owners.
The OP's choice is to pay an extra 20 to 28,000 Eu or lose his 60,000 Eu apartment.

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truckyboy
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Postby truckyboy » Sun Nov 20, 2011 12:51 pm

I have read this post from top to bottom and it is very sad. There may be owners who have borrowed money to buy the apartment in the first place, and then open the front door to be confronted with an option to take out another mortgage, or lose their home, which they may have to keep paying for anyway.
With regard to the note about checking the paperwork to see if a property has debts against it, and remarks about saying thats what my bg is for, etc, etc, 1. how many people know what they should be looking for. 2. how many and what questions should be asked if known about, 3. Is that not the reason to hire a good lawyer/conveyancer, to ask these very questions on your behalf, which is what we pay good money for in the first place.

Lastly, is there any update on this story ?

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Seedy
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Postby Seedy » Sun Nov 20, 2011 1:39 pm

truckyboy wrote:With regard to the note about checking the paperwork to see if a property has debts against it, and remarks about saying thats what my bg is for, etc, etc, 1. how many people know what they should be looking for. 2. how many and what questions should be asked if known about, 3. Is that not the reason to hire a good lawyer/conveyancer, to ask these very questions on your behalf, which is what we pay good money for in the first place.

Lastly, is there any update on this story ?


The whole point about buying in a foreign land is that you DON'T know what you should be looking for, so you hire a lawyer. However, no-one with any nous buys a property without looking at it several times. By the same token, who would hire a lawyer and then simply assume they know what they're doing and let them get on with it? Would you let your builder operate in this way? Would you allow a doctor to treat you without explaining what he's doing and why? You can find inefficient/useless/crooked lawyers in every country, so it behoves a buyer to ask questions to be sure that he KNOWS what is happening. Otherwise you'll find yourself signing a notary deed without a clear idea of exactly what you're doing and just what you're getting for your dosh. Much of the time this will work fine but it's more by luck than judgement; if the proverbial fool doesn't take every possible precaution then he will sooner or later find himself parted from his money.

Lastly, who knows about an update? The OP has only posted twice, the second time - according to the MyBG statistics - some 2.5 months AFTER his last log-in. He is obviously a reincarnation of Harry Houdini! ;)

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rodz
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morgage worry fraud

Postby rodz » Sun Nov 20, 2011 2:24 pm

I dont meen to try and teach you to uck eggs, buthave you checked the date when to morgage was taken out? if your lucky then perhaps the morgage was taken after you bought the property


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