de-faulting on spanish mortgage

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20 Jan 2010 00:00 by IBJH Star rating. 22 posts Send private message

sorry if this has been asked before but at the end of my tether with my property.I have been unable to sell my property (yep I am sure you have heard alot of this),but now considering walking away righting of a large loss but saving the monthly mortgage.How do I stand?it is a spanish mortgage obviously secured on the property.I have heard of people walking but was unsure just what would happen in the long run with the bank.I am unlikely to visit the property anytime soon and dont relish paying for it for another 20 years.Anyone know where I stand?





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21 Jan 2010 00:13 by foxbat Star rating in Granada. 1134 posts Send private message

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Hi,

You might like to check out these two links, this subject has been discussed several times on this forum.

1) http://www.eyeonspain.com/forums/posts-long-5402.aspx

2) http://www.eyeonspain.com/spain-magazine/mortgage-arrears.aspx

Sorry about not being able to suggest anything more substantial, but the links might help

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21 Jan 2010 00:50 by EOS Team Star rating in In Spain of course!. 4354 posts Send private message

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In Spain you do have a legal right to hand the keys back to the bank.  It's called "Dacion en pago".

Read this thread about it, it may help you.

Best of luck

Justin



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