English
FrançaisHi,
Has any one ever spoken to a lawyer about the banks taking action against the management companies rather than us?
The banks were fully aware of the structure and granted the loans based on the rental income, far more than on the ability to repay.
I just wondered if it is viable to set up a thread to log which banks have given out the mortgages and then target the banks to deal with the management companies.
Clearly it is divide and rule as far as the management companies are concerned, they know how ridiculously one sided the French legal system seems to be. But the banks have the most to lose.
If the mortgages are non recourse even more so, but even not it could take them years to get assets back if ever, in the meantime the property companies are renting the places out.
I just wonder if getting the banks on side to deal with the property management companies might work. If we could build up some momentum I am sure the British and French press would love to have a further go at the banks for not supporting the little man.
Any thoughts?
cheers
David
Hi David,
The mortgage contract is between the individual and the bank. There is no contract or arrangement between the bank and the management company, therefore, I cannot see how a bank would have any legal entitlement to take action against a third party who has no contract or agreement with them whatsoever.
All of the terms and conditions of the mortgage offer will be between the individual and the bank.
So I would suggest that no legal could be taken against a management company.
Davey
Hi Davey
I do appreciate that point, but there is a certain common sense or moral obligation on the banks. (If they still know what either of those are.)
If a group of owners approached each bank and said we can't pay our mortgage because XYZ management company is in breach of the terms of their agreement, logically the banks should try and assist.
If they realise they have E100mm or whatever exposure to the mangement company they would be foolish to ignore the owners requests for assistance. And if they did ignore the requests there would be a good story to push to the press.
Legally they may not be party to a tri-partite agreement but in reality a large proportion of owners can't pay the mortgage without the rental income.
It was just a thought that bringing the banks into the loop may put more pressure on the management companies. Particularly if done in a consoldiated manner.
Regards
David
complete waste of time,
banks in france a joke,
just de fault and let them chase you,they will never get us here as they know we are all broke