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Hello, Your answer depends on the type of debt and whethter or not you are an independant (self employed) professional.
The main French home of a non independant professional can be taken away.
The main French home of an independant professional can be taken away only if he/she did not make the mortgage payments.
or does not make a payment related to his/her personal life, as oppose to business activities.
A personal debt as oppose to a business related debt.
I am 70 year old retired woman now living in France, but may have to return to Ireland where I lived with my husband until April this year. He is under 48 hrs suspension pending possible didmissal and will no longer be able to support me here (he is 58 yrs old) We wanted to live out our lives here in france but all our property is in negative equity, 3 with mortgages, this home without, but only valued at 40€K we don't know what is going to happen but desperately want to protect this home as it is now all we have. The french mortgage is 66K and property valued around 50K (It was bought to rent out unfurnished but has not had much occpancy through french agent, last tenant left 2,500€ damage I cannot afford. The french bank has no mortgage on our main home here, only the rental property
In French law, if a party has not been paid, that unpaid party can go to a French court to seek the seizure and auction sale of all the property of the debtors.
sorry makes no sense. If french mortgaged property is reposessed, and shortfall occures can the bank take our other french property away, or just set up repayment options for shortfall?
The procedure is quite long and not automatic because the debtors can ask the French court to ajust the payment of the amount due (like ask the court to make monthly payments of the total amount due). The French judges tend to accept the monthly payment proposal that are serious and reasonable before selling any property in a public auction.
If we pay the difference by between mortgage and sale price by monthly payments to the bank will they force the sale of our home
Is there a way to secure own home in france, e.g SCI, gift to son with usufruits for life or any other option? we will probably be non resident shortly until my husband retires in 2021
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