reposession of my Apt

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01 Jul 2010 00:00 by stewal Star rating. 12 posts Send private message

Hello, I think i am not on my own when i say that i am out of work in uk and struggling is not the word to pay my mortgage in Spain, I heard there may be a new law to let banks reposess property without any penalties, I paid 90,000eur + tax for my property in playa flamenca, orihuela costa, My mortgage is on 64,000 eur, I would think that with what i am going to lose then the banks would understand this, Can you advise please


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02 Jul 2010 00:01 by golfus Star rating. 1 posts Send private message

Hello Stewal,

You are not the only one, of course not.

I work for a Spanish bank and I have seen 1000s of people in the very same position.

What I would suggest first is trying to get your finance together, try to speak to your branch manager in Spain and re-arrange the mortgage if possible. We are very good listeners! 

If nothing works then do a "dacion en pago" which means that you are giving up the property because you realistically cannot afford it. To do so you will need to proof them that you are out of work and you've got no money left on the bank account for the mortgage.

Before you do anything really, think twice because you WILL loose all the money you have already invested in your dream and that is a shame. If you think there is a small possibility to make it work do it. Do not just give up because you will never, ever get a mortgage in Spain, ever, not only that. Spanish banks now have access to Experian and you may have trouble in the UK.

I am deeply sorry for you :(

Hope it helps


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02 Jul 2010 16:48 by angelmouse Star rating. 3 posts Send private message

Can you look at taking out a long term let? Your bank may agree to stop repossession if you can meet most of the mortgage payments this way. It is better for the bank too. I have a friend who received a bank repossession notice over a year ago and nobody has entered the apartment. She regularly pops over to Spain to stay in it despite no water or electricity. So it may be months and months before your bank does anything at all.

If you go down the long let route try to advertise privately and that way you don't have to pay a percentage of commission. Good luck....

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