Repurchase / repossession - advice needed

Briando55 .yes I know what you are saying ...but what I can't understand is if you could get €2,000 per month in the winter ..why don't people that are struggling to pay a mortgage do this for a couple of months per year ...the Villa next door and one directly opposite me have just been repossessed by the banks...the people that had them used them as holiday homes only.... am I missing something hear ...I don't know.

Windtalker, that's what I said several posts ago!!

I wonder why the people that are under Repossession don't rent the property out to holiday Maker's for a couple of months ...to cover the mortgage payments .....on another thread on EOS  (Winter Rental Wanted) one poster Duncan Thicket state's he is  charging €2,000 for a one month winter rental... so why don't more people do this....in the case of the original poster this would not have helped them out ...as they rather stupidity decided to live in a property that was sold to them as a holiday rental ..and are are now trying to blame the bank's.

On possibilities of reaching an agreement with banks for handing property back:

We need to look at this taking into consideration:

1- Spanish government passed along the last years, a number of new regulations to help mortgage debtors, as they are debtors in the context of a housing and financial bubble. Banks were set limits to the almost absolute enforcement rights they had.

2- Original lenders are far from being holders of the credits and the fruits of repossession of properties attached to debts.

3- European Court of Justice is protecting consumers rights within repossession procedures in Spain, especially is the mortgage deeds contained abusive clauses

4- Funds need full ownership of properties before being able to place them into the market and profit and therefore, a settlement between the original bank and the debtor is supported by those as a way to avoid costly and lengthy repossession procedures 

I wasn't aware that Banks were being blamed for everything but striving for accountability and good regulation where relevant. 

Checks and balances on the mortgage market and out of kilter over spending or inappropriate compromising speculation that has the ability to affect economies and law abiding citizens on a far wider scale is what good regulation and governance is all about, and this is why regulatory structures etc​​​ are ever more essential in this day and age to act as counter balance.

I kind of agree with Baz here in so far as you can't just blame the banks for every problem, just because we want to.  

But the overall thing is that the housing market, in any country we are discussing here, involves people buying a product they can't afford.   In order to buy this product we need a lender, and the amount we have to borrow is so high it has to be a mortgage.  

So unless the people and the lenders speculate, there is no overheating of the market.  When the market overheats the people just wanting a home are the ones who suffer.  When the people who just want to buy a home can't afford one, the speculators and the lenders then suffer and the market collapses.   It's simple really!!!!

The OP is probably one of the speculators who suffered when the market collapsed and until the people can afford the houses again, the OP has lost their 'bet'.  

My post was concerned with how they can deal with it now, with the difficulty they find themselves in.   They have to restructure and take responsibility for losing a 'bet'   

Baz1946 you should look beyond your nose ...the British are no longer welcome in Spain ...and this hate is only going to get worse  when we get out of the EU...we are blamed for high property prices and draining the Spanish NHS and the creation of a  black economy.

 Windtalker how much further do I look beyond my nose then? I already mentioned I have a good relationship with Spain, up to date I have never met a Spanish person who has told me to 'Get out' or even given a hint that we as Brits are not welcome, I have never had a bad experience with Spanish solicitors like so many on here, I have not even had a bad time with the banks either, I could tell you some good stories about the help I have had with the banks, and a few more bad ones with the UK banks.

Does anyone know what will happen if we 'DID'  leave the EU.

High property prices, then you must know how the British work when selling houses, one house in a street gets X amount the next one wants a bit more because they painted the front door a different colour, when a new estate starts selling well and the houses go like hot cakes, up goes the starting price.

How do we drain the Spanish NHS, if you work you pay for it, if you don't Spain pays and sends the bill to England....So I am told?

Creation of the black economy, without insulting Spain they perfected that one,  we bought Spain's houses with a large bit here and a little bit on the books, something that doesn't happen much in the UK, you're a plumber, no one ever asked you to do a job with no VAT then,  the world runs on the black economy.

As I have said before on here about the OP problem, it wasn't the banks fault they got into a mess, so why do people on here keep banging on about how bad Spain's banks are when it has no bearing on the case in question.

Don't turn your back Duncan on those that have won their fight against the Banks and the Supreme Court rulings now being issued against the Banks.

I'm not so naive not to see the relevance of your observation re money making from within the legal profession but equally to write off significant progress made to date by those fighting for accountability does a disservice to those ( few) with honourable intent..  who are equally not a "charity case".

‘’work together’’ how naive can you get. The only people working together are the corrupt banks, corrupt politicians, corrupt regulators and the corrupt legal system earning a fortune out of it all.

That’s how the world goes round. Joe public will always be treated as a mug to feed the powerful greedy.

Yes, we can fight it, but you will never win. Look at Brian, over 5 years in court, they are just hoping he drops of his perch.

Don't you all see the pattern that's developing here and the way that Banks who compromised us all by their unforgiveable behaviour and purposefully hidden  risk taking with all the worldwide knock-on impacts from the Banking crisis, are now through their continuing unethical and unregulated behaviour in Spain are ironically benefitting  from divisive psyches such as demonstrated in this and many other threads? 

IMHO Maria is spot on when she observes the need to work together to tackle unethical and abhorrent malpractices that ultimately compromise us all, whether directly or indirectly.

Divide and rule....

This message was last edited by ads on 28/09/2017.

Wonder where Mr & Mrs OP have disappeared to.

georgie1 right, the banks don’t give jack about paying you Brian.

If the OPs throw the keys in, how’s ’’won’t pay we’ll take it away’’ going to work?. If they go back to UK, that’s ta ta Spain bank, and even if they are in Spain ‘’blood out of a stone’’ springs to mind.

Maybe the Ops priority has been bingo & beer, their not saying.

Briando I am sure that the Spanish have the equivalent to a Bailiff lurking around the corner... I am not sure if a private person can be declared bank rupt ...companies do it all the time so I don't see why not .

I think Maria's sentiment is admirable when she observed "we all need each other..it is also a sign of our times".

Windtalker you observed " ...it sounds to me that they have been living day to day and not putting enough thought in to what is going to happen in the real world tomorrow ..sorry to be blunt".

Although I acknowledge the need for individual responsibility, the trouble is that the real world that we now relate to is a world away from the early 2000s when many chose to invest in Spain.  

Sometimes it's not as black and white as you suggest.

For instance all manner of changes have occurred acting as disincentives to rent, not least the growing threat from bad renters with all the associated litigation costs and stress, the introduction of strategies by  regional governments keen to restrain the growth of the expat rental market, ( responding to hotel lobbyists) with various measures that have acted as financial disincentives. Plus communities and owners have also been financially compromised by  Banks reneging on their management fees on repossessed property. And these are just a few aspects that might have affected or influenced the ability to act responsibly in the interim,  let alone the sudden drastic cut in property values that many had hoped would have recovered within the considerable intervening years.

Brian why are you worried about the banks chasing him ? 11 years we have been waiting on the banks to pay us our monies and still waiting  .I think if I owed the banks anything they could sing for it .

The bank will pursue them for the shortfall, and the admin charges, and the loss of interest and everything else they can throw their way.   

Give the keys back and your looking at losing your other assets to pay it off, I'm not sure how bankruptcy works in Spain either.   Also Windtaker, if there are bailiffs in Spain, send me a link because I need to send some along to the bank myself (I can't get a straight answer to that one).  

Give control back to the bank and the OP is signing his financial life away for the next twenty years.   It's time for them to get down to some hard facts and take responsibility.   Life's not fair sometimes but hey, you have to fight to be successful.  

OK Brando55 the opp has had the mortgage restructured by the bank ..the opp cannot afford the payment's or a outright purchase... So they are left with no other option other than to hand the keys back ..maybe the bank will pursue them for the short fall maybe not ..whatever the case is if they do not volunteer to hand the keys back ....the bank will simply send in the Bailiff's and they will be charged for this as well...it's a fact of life..if you cannot pay they will take it away. 

Yes windie, I know all that, I don't understand your point there?

i said......

windtalker.   I don't think handing the keys back to the bank is going to get the OP off the hook, they will still owe the money, less what the house sells for.  And if the house gets vandalised after repo they will be responsible for that too st worst case.  

Always better to keep in control and try and rent, sell, pay off etc.  

Look at possibilities of settlement or restructuring is the best way forward.  

These seem to be their options now, someone seemed to be saying hand the keys back?    I'm saying they can't do that, they still have to pay. 

Briando55 the opp has had the mortgage restructured..to the maximum permitted age and the monthly cost is €1,700...the banks are not a charity they are in business to make money this opp has lived in a property that they could never had afforded for 10 year's at €122 per month ....I pay my pool cleaner more than that ...so why is it just now that they are worried ...it sounds to me that they have been living day to day and not putting enough thought in to what is going to happen in the real world tomorrow sorry to be blunt ...this opp was sold a business model similar to a buy to let scheme ..instead of letting the property out to holiday maker's for ten years and putting all the profit back in to paying the loan off...   they decided to take advantage of the low payment's of €122 interest only they should not have used the property as a permanent home .....back when they bought the property ...in sterling that was around £75 per month I have heard many sob stories in my time some of them   genuine   but this one tops them all...you can call me what you like but I am only saying what the rest of the I love Spain brigade are thinking .

I managed to avoid this one Duncan!   And Maria is always a voice of reason so perhaps we can be forgiven this time!!!

windtalker.   I don't think handing the keys back to the bank is going to get the OP off the hook, they will still owe the money, less what the house sells for.  And if the house gets vandalised after repo they will be responsible for that too st worst case.  

Always better to keep in control and try and rent, sell, pay off etc.  

Look at possibilities of settlement or restructuring is the best way forward.  

Mariadecastro you are correct on what you are saying ....personally I like the Spanish ..but unfortunately for Spain all you get is high number trashy  people from the UK ...the normal people from the UK pay their Taxes and don't work in the black economy ..l think the Brexit will sort all the ducker's and diver's out ....Spain will be able to through them out of the country .