Mortgage and Run !!

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30 May 2007 00:00 by Gillespie Star rating in Costa Calida Area. 633 posts Send private message

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Hey smiley,  any comments on this.  Over the past couple of weeks I have had 3 vendors who desperately need to sell and go back to the UK.  I feel very sorry for them as they are selling their houses at a really low prices.

Each one of the 3 without any promting from me asked my opinion about mortaging their houses to a maximum 80% (non have mortgages at present) then just running back to the UK without paying and repayments whatsoever!!!

If they sell their properties the usual route they will make less for themselves due to taxes, agents fees etc.

I was a bit astonished at the desperation as non of these people would normally do such a thing, they are very desperate.

I suspect this is going to be a trend if things don´t get any better.

I made a suggestion that they could leave a years repayment in the bank from the re-mortgage and hope the property sells before the year is up but they seemed reluctant to lose any more money!!!

Do you have any of your wisdom to add to this smiley, I can´t think of a worse thing to have to do, but there could be a few EOS watchers out there contemplating the same thing.



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30 May 2007 19:06 by Smiley Star rating in San Pedro de Alcanta.... 2433 posts Send private message

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Oh my friend I could not possibly comment on the ethics or morals of that. Interesting theory but equity release remortgage here they will lose approx 5 to 6% of the sum of money raised anyway in remortgage expenses. They will not get as much as 80% anyway and typically the max would be 70% or perhaps 75% - these are lenders with long arms in the UK - whether cross border law would permit any further action I could not say but I am sure they would find a way of at least getting a listing on their UK credit file.

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31 May 2007 11:51 by Gillespie Star rating in Costa Calida Area. 633 posts Send private message

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Cheers smiley, well we got it out in the open so it´s there for anyone to see!

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Calida in2 Business - Spanish Property Clearance.

www.spanishpropertyclearance.com




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31 May 2007 12:23 by Smiley Star rating in San Pedro de Alcanta.... 2433 posts Send private message

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You know me pal - I like everyone to see what I got!

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31 May 2007 12:35 by Gillespie Star rating in Costa Calida Area. 633 posts Send private message

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True Smiley - being in the financial sector I would expect you to do everything with "ac-crued interest"

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31 May 2007 18:29 by Smiley Star rating in San Pedro de Alcanta.... 2433 posts Send private message

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Groan! Is this what we are becoming a sad forum of in your end oers - come back janice all is forgiven!! Weather down here been terrific last few days and seems summer has arrived at last  



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