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TKenney, Ph.D.
TKenney, Ph.D., French Attorney (Avocat à la Cour)
Category: French Law
Satisfied Customers: 825
Experience:  Practicing law in France, 10+ years of experience on Paris Bar. Taught French Business Law in US
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If you have french mortgage on one house, and they force sale

Customer Question

If you have french mortgage on one house, and they force sale in default, can they take your main french home from you (unmortgaged) to recover any shortfall?
Submitted: 1 year ago.
Category: French Law
Expert:  TKenney, Ph.D. replied 1 year ago.

TKenney, Ph.D. :

Hello, Your answer depends on the type of debt and whethter or not you are an independant (self employed) professional.

TKenney, Ph.D. :

The main French home of a non independant professional can be taken away.

TKenney, Ph.D. :

The main French home of an independant professional can be taken away only if he/she did not make the mortgage payments.

TKenney, Ph.D. :

or does not make a payment related to his/her personal life, as oppose to business activities.

TKenney, Ph.D. :

A personal debt as oppose to a business related debt.

Customer:

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

TKenney, Ph.D. :

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.

Customer:

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?

TKenney, Ph.D. :

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.

Customer:

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

TKenney, Ph.D., French Attorney (Avocat à la Cour)
Category: French Law
Satisfied Customers: 825
Experience: Practicing law in France, 10+ years of experience on Paris Bar. Taught French Business Law in US
TKenney, Ph.D. and other French Law Specialists are ready to help you
Customer: replied 1 year ago.


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

Expert:  TKenney, Ph.D. replied 1 year ago.
I wrote that in French law the bank can not take away your property. If you owe money to a party (like the bank), the only thing that the bank can do is ask you to pay and if you do not pay, they can take you to court seeking the sale of your property at a public auction to get payment of the debt. After the public auction sale, any money left over will go to you. However, I also wrote that the bank will have to start a procedure with registerd letters requesting you to pay and if you do not respond, they will start the court procedure seeking to sell the property. The court procedure is quite long and not automatic because the debtors (you) can ask the French court to adjust the payment of the amount due (for example, you can ask the court to allow you 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.

You also asked:
'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"
The only way the secure your home in France is by it not being in your name, like a SCI, a gift to a trusty family member with who you have a very good relation with usufruit for life. any situation where your name will not appear in the French records as a home owner.

As for advising you, please understand that it is against the JustAnswer policy to advise customers on this website. This site allows for a general response that will help you with your legal issue. If necessary, for specific advice contact a local French attorney. While I am indeed a French lawyer in Paris, again on this website, I am just a French law expert answering questions on French law and on my free time. I did not advise you, I just answered your question in accordance to what you can do under French law.

In fact, in order for me (or any lawyer, solicitor, or barrister) to counsel someone and tell them what they should do, I would need to see him/her (in person or on the phone), see all his/her documents, see all his/her evidence, get all the facts, understand the whole situation, ask a lot of questions, and establish a formal attorney client relation. In fact, the Just Answer disclaimer clearly states the following: "Posts are for general information, and are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), and do not establish a professional-client relationship." No attorney client relationship has been formed.

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TKenney, Ph.D.
TKenney, Ph.D.
Attorney (Avocat)
785 Satisfied Customers
Practicing law in France, 10+ years of experience on Paris Bar. Taught French Business Law in US