Embargos

Schools and Education in Spain Guide
Post reply   Start new thread
New - Old :: Old - New

Pages: 1 |

Almanzora Country Club forum threads
The Comments
09 Aug 2009 00:00 by johnfozard Star rating. 141 forum posts Send private message

I have major doubts if there are any free assets on which there are no charges already on it. I hope I am wrong - but I have heard this from a number of people (and their solicitors) now - enough to make me wary whether I should pay Miguel for to go forward for an embargo and another 3k legal fees.

I have had information that embargos dating back to 2008 have been put on assets. It was said Huma started placing mortgages on plots as soon as embargos began to be placed to block us. These Huma people are so nice?

I believe some of the embargos are now being put on non developed land within MCC - so what is the resale value of that in these times in the middle of MCC with no HC and problems of how to get water/power controlled by Huma currently?. It is possible there could be mortgages on these too.

As an exercise I got a local Mazarron solicitor to do a search on one of the empty bungalows still for sale. I was suprised to see they found out from the search that it had a mortgage of 90k and an embargo for 80k.  That is on a property with no HC, mains water or elec - realistic resale value say 85k currently. So if the mortgage is repaid first (I presume) the embargo is worthless.

In a forced sale - will the bungalow  fetch anything near 85k in this market - so is unlikely to repay the mortgage - let alone the embargo.

I suggest anyone looking into buying any empty property look very carefully into the charges already on it - so press your solicitor to do an accurate search.

I think we all have to press solicitors about embargo chances - as most of  the solicitors want fees upfront - when they probably know our chances are maybe poorer than they might suggest.

I hope I am proved wrong - but I like many -  have lost enough money on this - I do not want to throw any more money away. If this information is correct - I despair where we go next! any ideas or any other information to contradict this viewpoint would be very welcome to give us some hope???

John

 

 

 

 




Like 0 Dislike 0       | Dislike

Spam post or Abuse? Please let us know

11 Aug 2009 19:35 by Harvey6699 Star rating. 21 forum posts Send private message

I think you have summed up the situation very well, no point in throwing further Euros into the Spanish Money Pit.

 




Like 0 Dislike 0       | Dislike

Spam post or Abuse? Please let us know

Pages: 1 |
Post reply   Start new thread
Share it!


Previous Threads

MONEY BACK !!!!!!! OH HAPPY DAYS - 23 posts
MONEY BACK !!!!!!! OH HAPPY DAYS - 11 posts
FANTASTIC NEWS ! MONEY BACK. - 4 posts
Money Back - 1 posts
The last mug at ACC courtesy of crooks MMI Properties - 1 posts
STEER CLEAR FROM ALDEA - KEEPING BG MONIES!!!!!!!!!!! - 30 posts
Huma Directors - 4 posts
money returnd - 1 posts
URGENT!!! STOP USING ALDEA ADVISORS!!!! - 11 posts
UK exhibitions - Lets Protest - 1 posts
Parador Letter - update on Huma projects - 2 posts
Worth a phone call - 2 posts
Bank guarantee,ref Almanzora country club. - 2 posts
CAJAMADRID NOT PAYING BANK GUARANTEES - 12 posts
Have a pop at Huma Directors - 2 posts
CAM Bank not paying BG's - 3 posts
DEPOSIT ON PLOT - 0 posts
court hearing - 27 posts
Any news for court cases with no BGs - 10 posts
Getting our money back - 63 posts
Huma's Bankers - are they responsible? - 3 posts
Bank Charges - non residents tax. - 0 posts
What's happened to the owners forum at ACC - 21 posts
Planning Permission - 7 posts
Idea - 4 posts

2 posts were found:


1 |
Our Weekly Email Digest
Name:  
Email:
   
Compare car hire in Spain