Strategic Default Belleme Normandy

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Strategic Default Belleme Normandy

Hi I'm new to the forum but not to the albatross which is French style lease back!
Having got to the point that I and for that matter no one else at Belleme were being paid any rent I found i was unable to honour my mortgage commitments to MICOS bank.
I took legal advice and felt that a Strategic Default was my only option, whereby I stopped paying the bank and the Syndic. This was back in July 2016. It's been tortuous to say the least. Attempts were made to sell privately (at a hugely reduced price to the purchase price) but to no avail - even though i had managed to free myself from the Lease which is another long story. And there was a little futile negotiation, with the only beneficiary being my Solicitor.

In July of this year I received notification that the procedure will be pursued as a Forced Sale through the French Courts but have heard nothing since.I do believe however the Court has up to 4 months to consider options. So there's time yet. Obviously the solicitor couldn't guarantee I wouldn't be pursued through the British Courts for what will be a massive shortfall. He did however suggest that in his experience he hadn't come across any such attempt by any bank to seek recourse.

Is there anyone out there going through or gone through a similar experience.If so perhaps we could share notes.

Trevor Good

I've been in touch with quite a few owners who have had their property re-possessed by the French bank who sold it at court auction. They seem to put the reserve very low and some appear to have been sold for significantly less than their market value. In our Residence de tourisme it seems that a property (or properties) have been purchased for allegedly 20% of their original cost and bought by the current operator of the resort!

There have been attempts to pursue owners, and threatening letters, and it seems the debts are sold on to other companies.

There is one Irish owner who was pursued and an Irish solicitor has defended. The French may be getting a European enforcement order but have not yet come back.

But I haven't heard of others who have ended up in court here in Ireland yet.

Perhaps BREXIT will be in your favour !!



I have been through this process and just last week received a statement showing the distribution of the funds received at the forced sale of my property (bought by one of the French owners at the resort).  After legal costs and payment of management fees which I hadn't paid in the last couple of years the balance is being paid to a swedish company, Hoist Finance AB, to whom Credit Foncier passed the debt in July of this year. I paid 200K excld the VAT refund and it sold for 100K which I'm told isn't the worst price however I will still have an outstanding debt of 70K after the funds have been distributed.  I'm not sure what will happen next to be honest as I've never read any posts from anyone who is further down the line than me, of which there must be many!

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