We have got ourselves into a situation where we need to cancel a mortgage, and are looking for some advice.
We arranged finance for a mortgage to buy a gartengrundstuck ~ 50,000 euro. Due to unforeseen circumstances, we pulled out of the purchase before the sale was finalised (but after signing the contracts with the notaire).
We were quite surprised to find out that even though the loan was never paid out, the bank is requesting a lot of money to cancel it (more than we would have paid in interest). Unfortunately for us, the bank's lien on the property went through, despite the cancellation of the sale, and they are demanding this payment to have the lien removed.
What are our rights in this situation? Do we simply have to pay up, or is there a way to negotiate? We were obviously somewhat naive to think that this loan agreement only came into force upon payout...
Thanks in advance.
I am currently living and working in Nuremberg and hoping to close a refinance for a property in LA within the next week.
I found some 10 year old forum postings of other users saying the only way to sign mortgage papers in Germany is at the Embassy with horror stories of ppl having to pay up to 400 EUR for getting 5 pages notarized.
Question I would love to get input on:
Does it still hold true that the only option to get (refinance) mortgage papers signed for a US bank is at the embassy?
If anyone has gone through the process, do I need to bring a witness and does it need to be a US citizen? My US bank doesn't really know :|
Many thanks in advance.