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EU Property Solutions- Experts in all Spanish property issues

EU Property Solutions offer professional assistance and advice in all areas of European property in particular, Spain. We can help provide strategies and solutions to solve problematic property issues, negotiate with lenders on debts, help reclaim lost deposits on unfinished developments and help with repossessions and mortgage arrears across Europe. We have offices in London, Belfast and Spain.

Mortgage Arrears Mounting Up: How can I deal with it?
29 November 2016 @ 19:32

Mortgage arrears / Community fees mounting up?

People daily who are in significant mortgage arrears and have missed community fee payments are becoming more and more confused with their options and how to deal with it. Many borrowers who purchased properties in Spain were not aware of the associated costs. Community Fees and IBI taxes are fees external to mortgage costs in Spain. These additional fees have resulted in significant stress for thousands of people since the property crash in 2008.

Community fees are owed to the Community Presidents in Spain for the up keep of communal. These Presidents are authority in ensuring the community you have purchased in is visibly up to scratch e.g. maintenance of common areas, cleaning of swimming pool and general grounds keeping. It is important for those whom have purchased within a community to meet these fees.

What happens if I fall behind?

If your payments fall behind Presidents can proceed with legal action. Presidents have the authority to instruct debt collection agencies in UK / Ireland to chase owed debt.  These debt collection agencies will enforce an attachment of earnings order or put a charge on your home.

They can legally withdraw outstanding debts directly from salaries or force you to sell your UK / Ireland home. As with community fees, if you are in mortgage arrears you can be pursued back in UK / Ireland. If you ignore these debts you are putting your home and earnings at risk.

For many struggling with mortgage payments and community fees, the reality is they are sitting in negative equity.

Do Not Ignore This: There Are Always Options Available!

We advise you seek professional advice from a company who can work with you and your lender to ensure an amicable solution is achieved. In many cases this involves disposal of the negative asset and negotiation on the shortfall. Typically, from experience in negotiations the settlement is around 10% of the outstanding shortfall.

If you find yourself in a situation of mounting Mortgage arrears and outstanding community fees, then please seek advice from professionals. Simpily Google EU Property Help and many will appear in the search.

 

EU Property Solutions Team

 

 



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tteedd said:
30 November 2016 @ 19:53

People who are in significant mortgage and community charge arrears may be unsure of their options for dealing it. Many borrowers who purchased properties in Spain were not aware of the associated costs. Community Fees and IBI taxes are fees external to mortgage costs in Spain. These additional fees have resulted in significant stress for thousands of people since the property crash in 2008.
Where the property is in a community, charges are made for the upkeep of common services. These services may include the maintenance of common areas, cleaning of swimming pools and gardening. It is important to meet these fees in good time as the community or administrator may apply penalties or seek enforcement legally.
What happens if I fall behind?
If your payments fall behind community can proceed with legal action. Presidents have the authority to instruct debt collection agencies in UK or Ireland to chase the debt. These debt collection agencies may enforce an attachment of earnings order or put a charge on your home.
Non payment may put your assets at home at risk as well as your property in Spain.
As well as struggling with mortgage payments and community fees you may be suffering from negative equity.
Do not just hope this will go away, there may be options available!
We advise you seek professional advice from a company who can work with you and your lender to ensure an amicable solution is achieved. Unfortunately this may result in disposal of your Spanish property and negotiation on the shortfall. Typically, from experience in negotiations, the settlement is around 10% of the outstanding shortfall.
If you find yourself in a situation of mounting Mortgage arrears and outstanding community fees, then please seek advice from professionals. Simply Google ‘EU Property Help’.


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