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'Walking away' from a Polish mortgage


Neil90Threads: 1
Posts: 3
Joined: Dec 11, 08 		  Jan 15, 09, 10:08 /  #
Hello All,

I'm in the position of having a CHF (Swiss Franc) mortgage on an off-plan Polish property due to complete this year (complicated story).

I would consider terminating the contract with the developer except for the fact that due to the large exchange rate shift between the CHF and Zloty, the amount required to redeem the mortgage has risen significantly.

I would like to know if anyone has actually walked away from their Polish mortgage and what the legal implications were i.e. could the bank pursue the redemption amount as opposed to taking the property? I'm a UK resident but I presume the same situation would apply to all non-Polish residents.

Thanks for any info on this...
boydie   Jan 16, 09, 10:49 /  #
Read your contract of course but in general of course they can use legal avenues to force you to redeem instead of taking the property, these might include deeds of execution so it is probably worthwhile your lawyer taking a look. They are more likely to use these avenues before taking the property.

Country of residency should not affect your legal claim - it's presumably a Polish law contract covering a Polish property.
Neil90Threads: 1
Posts: 3
Joined: Dec 11, 08 		  Jan 20, 09, 06:43 /  #
Thanks for the reply Boydie, pretty much what I thought...might get the contract checked out...
Katarzyna7Threads: -
Posts: 4
Joined: Feb 24, 09 		  Feb 27, 09, 14:42 /  #
I used to work for a Polish bank and as far as I am aware it is almost impossible to force you to redeem.
In any case it is complicated and long lasting process, and I didn't hear any bank has executed the debt.
agomulaThreads: -
Posts: 5
Joined: Mar 11, 09 		  Mar 11, 09, 12:27 /  #
The banks in Poland are very cautious these dayes with mortgages for the non reidents. BZWBK for instance decided to suspend completely all credit decitions that had been approved before the current economic downturn.
caroThreads: -
Posts: 2
Joined: Mar 19, 09 		  Mar 24, 09, 08:38 /  #
Hi Neil

I am in similar postion. Very concerned as dont have money to pay every month mortgage and willin to loose property but scared they can come after me in UK and put a charge on my house.
Please get in touch would be really helpful to speak to you and wondering what you have done and found out.
My email carolinegreen2@gmail.com

Hope to hear from you
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