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02 Feb 2012 00:00 by chindo Star rating. 52 posts Send private message

i have a mortgage with cam bank for 175000euros the proprty now probably worth 80000, if iwas to stop paying does this bank have  history of chasing the debt in the uk, is there any way out of the mortgage without being made bankcrupt in the uk





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02 Feb 2012 12:19 by ojosazul88 Star rating. 171 posts Send private message

"i have a mortgage with cam bank for 175000euros the property now probably worth 80000, if iwas to stop paying does this bank have history of chasingthe debt in the uk, is there any way out of the mortgage without being made bankcrupt in the uk"

Translated as " i have a mortgage with CAM which was falsely valued by over 200% to give maximum commisions to the bank manager and valuer during their infamous "teaser mortgage" era. The valuations had no bearing on reality or land values.Fast forward to 2012 and the real scale of what happened is exposed, a property that has a REAL value of 80,000 euros or less."

No easy solution for realease of this i feel as mortgage paperwork would have been signed in notary, years of court cases? Not sure how realistic that would be.

 

 

 


 



This message was last edited by ojosazul88 on 02/02/2012.



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02 Feb 2012 12:56 by gavinhealy Star rating. 10 posts Send private message

Have you tried Dacion en Pago using a solicitor, if I were you I would contact Maria at Costaluz Lawyers for advice I was in a very similar situation with Bank of Valencia and used this to resolve the issue.





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03 Feb 2012 11:16 by chindo Star rating. 52 posts Send private message

thanks for replies the mortgage was in joint names with my brother , only i signed the mortgage papers at the bank . does this make any difference .





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03 Feb 2012 11:28 by gavinhealy Star rating. 10 posts Send private message

Chindo,

 

I'm not sure but if I were in your shoes I would as I said contact Maria at Costaluz Lawyers the link is on this site (Above), I think you'll find a bank approach once you have a solicitor involved totally different.

 

Gavin





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03 Feb 2012 11:56 by Bri Star rating in North. 591 posts Send private message

 I think the question being asked is not really a legal one - it is 'Can I take a punt on not being chased if I default on my debt'.  



_______________________

Brian




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27 Feb 2012 18:03 by michaelwr Star rating. 96 posts Send private message

Agree you need pretty good legal advice. e.g. what about shifting UK assets to a spouse for safety?

I'm sure I read a similar post a while ago, if you don't pay  they repossess then sell on at a rediculously low price, pay off a smaller part of the mortgage and you are still liable for the rest which will be larger than if you sold privately.

With this difference and rates being low perhaps this will encourage you to hang on a bit to see how things go in Euroland.

I'm sure you would be chased in the UK, after all our factor is looking to chase people in UK for not paying community fees.  





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28 Feb 2012 13:54 by manorpark Star rating. 165 posts Send private message

manorpark´s avatar

You have my sympathy. Cambank are notoriously difficult to deal with and have a reputation for taking a hard line on those who cannot keep up their mortage. Try contacting them and take legal advice. Good luck !





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01 Mar 2012 10:49 by mariadecastro Star rating in Algeciras (Cadiz). 9337 posts Send private message

Legal Questions? Speak to Maria Direct

 http://www.eyeonspain.com/blogs/costaluz/6768/legal-tip-718-are-dations-still-being-granted.aspx

 The recent advise from government to Banks is to accept Dations whendebtors are unemployed and the house is the only house they have. Just yesterday, a Judge dealing with a dation against BBVA deleted almost 270K euros of debt from the debtors and asked the Bank to pay to them two months of rents for giving time to these people to find rental accomodation.

It is a very social and innovative Court decission. A great example to be followed.

If you are not under these merits ( unemployed and the house being the only house you have) it is very likely your dation will not succeed unless the remaining debt is much lower than the value of the house. Initially Banks cannot repossess houses for less than 60% of the value these houses were given when being valuated for mortgages.

If not, I am afraid, that a persistent negotiation with the Bank for debt restructuration will be the best way out as they seem to be now ready to go against UK assets too.



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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