Sunday, July 27, 2008:I am in the same position as everyone else. Interest rates have gone up and rental income down. I cant afford to keep my house in Spain. I have been trying to sell it for six months and have dropped the price down to euro140,000, (loosing e75k) which is not far off the mortage amount.
I have put £12k in this year alone and it is it is looking like a black hole, which no end in sight.
I am on the brink of walking away and defaulting on the mortgage.
Question is - can I? without the Spainsh bank chasing me in the UK, as if I can't get enough to cover the mortgage they won't either.
Any armchair lawyeres out there who know the answer to this.
Ive tried to go interest only but get refused because I have more than 50% of disposal income tied up in mortgages and loans - which is why I wanted to go to interest only in the first place - catch 22.
Tony
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