DACION EL PAGO

I'm due to sign one of these tomorrow but am having second thoughts. The value of my penthouse is 4k under the mortgage amount and I owe 26 months arrears-28k. I am also being charged 10% on top for taxes etc, so total will be in the region of 60k euros that I owe. The bank want me to pay this on an unsecured loan over 25 years.

Should I just let them repossess? The place is not rented now but it could get 600 euros per month, I could add some to that, say another 200 euros per month, but the bank weren't interested in this suggestion. I'm pretty angry admitting that I owe them around 60k euros especially as nearly half is going on Spanish taxes. The greed of the Spanish never continues to amaze me and look at what a bloody mess their economy is in!

Any sensible suggestions?

 If you can get it on the market to cover your costs get it on cheap for a quick sale, where is the apartment?

Hi I think you posted on here before about this, is this  the tenant that messed you around I did ask if you had a rental contract?

no I didn't have a rental contract after the first year, verbal only. The apartment is in Mijas Costa. The vlaue has dropped to about 200k although I'll confirm that when I visit. Mortgage is higher so in neg equity anyway.

Hi if it was me I would try and put the bank off as I dont think a lot will happen in August and this would give you a bit more time,but then again you have to be cautious that the bank does not place an embargo on your property. this means selling the property at auction and if their is a shortfull you will still have to pay the diffrence. did you not ask a lawyer for any advice? is their a reason why you did not pay 26 months arreas.may be that the bank is not being helpfull due to the missed payments.

It was a combination of financial difficulties in the UK and the tenant refusing to pay the rent because she noticed I wasn't paying the mortgage! The bank knew all along as they also put the pressure on her late last year to get her out. It left me out of pocket to which the bank is aware. The bank wanted her out as a having a tenant in there meant they couldn't move forward with their Dacion.

I think I may just stick 2 fingers up and rent it out again and see what happens. There 's nothing for them to come after in the UK, as I'm virtually bankcrupt anyhow!

How long does a reposession take these days? There must be a bit of a queue!

Cheers for your advice and thoughts

You are angry with them? You call them greedy? You even blame them for the state of the Spanish economy! Are you not missing some thing here? You where prepared to borrow heavily when times where good, and now that things are not going your way you blame the bank, the property slump, bad tenants and even Spanish taxes.

They should be angry with you, and you are the greedy one by being prepared to walk away from your obligations and sticking two fingers up at them......DISGRACEFUL.

They are no different from UK banks that needed billions in bail out money from the government for one reason only….GREED.

Perhaps if you met your obligations then the Spanish economy would not be in as much trouble as it is. And perhaps if you and thousands like you met your obligations Spanish banks could be more sympathetic to people who have genuinely been conned out of money, the banks might even have enough to pay out on their bank guarantees so often talked about on this site.

You asked for sensible suggestions-negotiate a settlement and pay your debt.