Question Details

L Smith, Home Seller in London,UK

can the bank look for the negitive equity balance from a US mortgage forclosure, in the uk?

Asked by L Smith, London,UK Fri Aug 22, 2008

We have a new 5/4.5 property with an outstanding mortgage balance of $750,000. the house was appraised last Oct for $1.4m , as it has'nt sold and has now been re appraised (by the bank) at $ 700 000, and is on the market still without any intrest. Due to curcumstances we are unable to service the mortgage etc any longer. we have been in discussion with the bank but today we received a letter of default notice from their solicitors. If this goes to forclosure and there is a shortfall in the balance will the bank pursue us in the Uk

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1
Probably. You don't say where the property is, but I would suggest you get some legal advice from an attorney dealing with foreclosure issues in the area where the house is. If nothing else you may have FIRPTA issues or other financial problems which may affect your ability to travel to the States in the future. I am a Brit Ex-Pat here in Florida and have in the past seen at least one example of a tax issue affecting travel to the US.
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0 votes Thank Flag Link Fri Aug 22, 2008
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