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Thomas, Lawyer
Category: UK Law
Satisfied Customers: 7432
Experience:  BA (Hons), PgDip, Practising Solicitor
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I have a home in cyprus which I cannot pay for anymore, I am

Resolved Question:

I have a home in cyprus which I cannot pay for anymore, I am going to have to default on the mortgauge, but there is a stipulation on my mortgauge agreement that states until the title deeds are signed over to me (which they havent) the developer is my gaurentor. The property is now in negitive equity. Does this mean that when the house is sold for less than I paid, the bank will come after them instead of me?
Submitted: 5 years ago.
Category: UK Law
Expert:  Thomas replied 5 years ago.



Thanks for your question.

If what you say is correct then in the absence of anything contractual provision to the contrary this means that they have the option of pursuing either or both you or the developer for the monies owing as a result of taking possession and selling the property. I'm afraid that having a guarantor does not mean that they stand in your place to exclude you from liability, it just means that the lender may sue them as well.


They will probably pursue both you and the developer for the monies owing I'm afraid.


Sorry it could not be better news.


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Kind regards,



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