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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.

Community Fees & IBI Taxes
16 October 2019 @ 10:15

EU Property Solutions assist people daily who have significant mortgage arrears and missed community fee payments. Many borrowers who purchased properties in Spain were not aware of the associated costs such as Community Fees and IBI taxes. These additional costs and Mortgage Debt in Spain can result in significant stress.

Community fees are owed to Community Presidents in Spain. These Presidents are charged with ensuring the community in which you have purchased is visibly up to scratch – for example the maintenance of common areas, swimming pool cleaning and general upkeep of grounds. It is important for borrowers to keep up to date with these fees as debt collection can be instructed by Presidents in Spain to the UK and Irish Debt Collection Agents.

IBI taxes are taxes paid to the Spanish Government, it is essentially council tax. These need to be cleared with no arrears for property transactions to take place. Given it is a state debt there is no debt forgiveness available.

If you cannot pay your Spanish mortgage and fall into arrears, then your mortgage balance will increase. Missed payments are added to the balance along with penalties and interest. Furthermore, you risk legal action and ultimately you are putting your home assets and income at risk if you do not act.

If you cannot maintain payments on your Spanish property, then swift action is needed. If not, balances will simply rise and the issue becomes out of control. If you act quickly through a professional intermediary, then the matter can be brought under control and an amicable and desirable outcome achieved.

In most Spanish settlements we can achieve the surrender of the property to the Bank and a complete debt write off, we can even negotiate some Community Fees arrears and IBI tax arrears into the settlement. Knowing this, do not ignore your increasing debt balances.



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