El blog de Maria

Jane said:
Friday, June 17, 2011 @ 1:58 PM

I have heard that not many banks will consider a dation because they have so many properties. If they refuse a dation is the next step reposession ? I gather the bank can then sell a property for any price they like and the owner still has the difficulty of paying the balance back to the bank.

Robert Knox said:
Saturday, June 25, 2011 @ 8:51 AM

Sorry but can someone explain the meaning of "dation"?

Margaret Dunne said:
Thursday, June 30, 2011 @ 9:26 AM

A Dacion en pago is a means of handing bank your keys to the mortgager legally. essentially the bank value the property and the miortgaee and the bank come to an agreement over what is left (over/under) of the debt.

My experience of this has been horrendous. The bank (Sabadell) valued the property at 145k , but told my lawyer it was 142k, then told me the gebt was 148k. i offerred the 6k to settle. That was a year ago. they then sat on it for 6 months and on xmas eve sent me a solicitor's letter (UK) to say they were slapping an EEO (European Enforcement Order) on my UK property. They weren't interested in the Spanish property that was actually secured against the loan. A year later I have truied again via both my UK and spanish lawyers to re engage with the dacion. Now the bank say they have revalued at 95k. They really are bandits.

i have taken UK Barristers advice who tells me I have a case under Human rights laws and could take this to Brussels. however the cost would run to tens of thousands of pounds. I cant afford to do that so now I wqill lose my sopanish flat, and my UK home all because of Sabadell atlantico behaving so tardily and underhandedly a year ago.

unfortunately, until someone either has emnough money to challenge them OR a lawyer will take it on Pro Bono as a ground breaking case, they will continue to get away with it.

If I never set foot in Spain again it'll be too soon.

G Earl said:
Thursday, June 30, 2011 @ 9:28 AM

How do we go about serving a dation notice to the bank?

Maria said:
Thursday, June 30, 2011 @ 10:01 AM

Preferably through a lawyer, you need to send a certified fax to the Bnank where you expose your will of paying youir debt by handing the property back to the Bank. Preferably also state there provisions of the Civil Code and case law allowing you that way of payment and liquidation of the debt.