Many owners were forced into a mortgage default with their French bank when the ‘guaranteed’ rent they were promised (and promised contractually) failed to materialise.
In France, such mortgage default is followed by an order for re-possession of the leaseback property. At this point, many owners are only to glad to have the property taken – the experience of many has been one of spiraling costs and debts, all accompanied by documents in French about things they were generally told at the marketing stage ‘would be all taken care of by the operator‘. However, the property may be sold off for a fraction and the owner will be left with an order for the rest of the mortgage owed.
Once a judgement is obtained in a French court, it may be followed by a European Enforcement Order (EEO) and documents will be served by the Irish courts service. The debt by this time has increased now consisting of the original amount owed, plus interest, fees, legal costs and more.
This has been the experience of one such Irish owner and his wife.
But owners are fighting back!
In order to to facilitate this there is a fund-raising effort being kicked off. It is using the GoFundMe model whereby anyone can contribute really easily. Fellow owner Noel Cocoman, who first got in touch with MEP Brian Hayes on the issue and was instrumental in getting the attention of the CCPC, is managing the fund-raising. All monies will be used for the legal case.
You can help on GoFundMe and you’ll find all the details there.
All contributions are welcome, no matter how small.