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El blog de Maria

Your daily Spanish Law reporter. Have it with a cafe con leche.

Legal tip 406. When I cannot repay the mortgage
02 December 2010 @ 09:28


1.- Do not just run and leave the keys back at the Bank´s office as if you did not have a problem anymore

2.- Talk to the Bank to see if the change to another mortgage scheme is possible ( only-interest, reduction of fee amount, grace period...) Advisable to send a fax or email, to have written proof of your payment will.

2.- Make a formal offer for the house to be taken as payment of the debt. Ask for a third party fully independent valuator. Do it by certified fax and most advisably with the help of a lawyer.

3.- Deffend your position firmly with correct and persistent legal grounds and defence

4.- If a repossession order is notified to you, answer it ( you will avoid the application of EEO this way) with a show of all the attempts for reaching an agreement. Ask for a payment agreement to be reached in Courts as a counterclaim.

( most importantly: hire a lawyer to deffend you with this)

White Village in Alpujarras by Tigernuts at

Like 0


elaine said:
02 December 2010 @ 10:10

Not relevant to me yet! but nice and reassuring there is some info for us english in spanish from a spanish lawyer, well done and gracias

Maria said:
02 December 2010 @ 10:31

Thanks. There is more information on this in this website and more to come.

We are always happy to make your company.

peta said:
09 December 2010 @ 10:39

what is an EE0 ?
what if any financial services regulation exists in Spain ?

Maria said:
09 December 2010 @ 11:17

EEO means: European Enforcement Order. It is system for a quicker enforcement of Court decissions between European countries.

Yes there are regulations for financial products in Spain. Most recent dated 2007 and 2009.



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