Advice on repossession

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07 May 2017 11:58 by joanne1977 Star rating. 4 forum posts Send private message

hi

Can anyone offer advice on being repossessed? I have a property on Condado and would like to know what the repercussions are for yourself in Spain and the UK (your assets) if you just stop paying your mortgage, community fees etc and walk away?   This is obviously a last resort for anyone but I wonder if it's been an easy solution for a lot of people as there are so many bank repos on Condado ?

Thanks in advance to anyone who has got advice or been through this process.

 




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09 May 2017 01:44 by Crashtester Star rating. 156 forum posts Send private message

I ave no actual experience of this but done a quick google and found these links which suggest just walking away is not a good solution as you can be presumed in the U.K.. I'm pretty sure nearly all the bank repos on Condado are as a result of the properties being taken from Polaris, not individuals.

https://www.spanishpropertyinsight.com/mortgages-in-spain/problems-paying/

http://www.consumeractiongroup.co.uk/forum/showthread.php?356914-Spanish-Mortgage-what-can-they-do-if-I-stop-paying

Maybe look into the process mentioned in the second link called 'Dacion en pago'  which maybe helpful to you. Good luck!




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