Currently there is no cross border collection of debt. Current law here (as I understand it) is that the banks cannot sell the property for less than the mortgage value on it, I guess unless someone comes along and subrogates the loan to themselves.
However this was the case late 80s early 90s UK, the banks would take the hit UNTIL legislation was changed to allow them to pursue debtors and boy did they! I know if people hit many years later.
With the ECs recent summit to open borders up even more, I cannot see how the banks will refuse to pursue home owners assets as they will not be able to sustain a massive loss.
I suspect it will eventually be down to the BOS but I reckon by the end of the year there will be threats agaisnt people.
I do know it is taking longer and longer before banks are repossessing and I also know mortgages have an indemnity paid to the bos to cover debt but I am hazy on the detail as I havent had to follow it.
Certainly interesting and Im seeing more repo stuff around now – in a few months there will be lots to choose from!
