# Mortgage Problems



## GermanTiger (Dec 29, 2010)

Does anybody have experiences with mortgages with Tamweel?

What happens if I can't pay back the installments anymore? I heard from my real estate agent that there is a possibility of turning the property back to Tamweel and having Tamweel keeping all prior payments. But do I have to go to prison in case of defaulted payments?

The building is in Discovery Gardens and was owned by Tamweel. I had to move back to Germany a year ago and struggle to do the monthly payments.

Does anybody know a good lawyer in Dubai for these issues?


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## Moe78 (Oct 29, 2010)

Um you are in Germany right? Stay there and you won't have to go to prison! If you can't pay it off just stay there then or find a way to sell the property off, pay back your mortgage and maybe make some money too?


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## GermanTiger (Dec 29, 2010)

Moe78 said:


> Um you are in Germany right? Stay there and you won't have to go to prison! If you can't pay it off just stay there then or find a way to sell the property off, pay back your mortgage and maybe make some money too?


It's not that easy. I bought the property about 3 times more the value it has now in the market. Otherwise I would have sold it and paid back the mortgage.


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## Maz25 (Jul 6, 2008)

GermanTiger said:


> Does anybody have experiences with mortgages with Tamweel?
> 
> What happens if I can't pay back the installments anymore? I heard from my real estate agent that there is a possibility of turning the property back to Tamweel and having Tamweel keeping all prior payments. But do I have to go to prison in case of defaulted payments?
> 
> ...


The first thing you need to do is check your contract. There should be clauses in there outlining how this situation is dealt with under the Contract.

Since you are in Germany, I very much doubt that you will end up in prison, not unless you decide to jump on a plane and head over here, which I do not recommend until you are 100% clear on the consequences of defaulting on your mortgage.

Are you renting out the property? If not, that may be a way to generate extra income.


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