Problems paying your mortgage?

Hi all out there,

I am in the situation at the moment that I will have problems paying my mortgage for the forseeable future, (this isn't the issue here)

What has really stunned me is the response I had from my bank of 8yrs, when I told the Director of my new problem she eventually

offered to extend my mortgage by 10 years, this would give me a saving on my payments(1,100.00Euros)per month to approx 800.00

I do have tennants in this property who are paying 500Euros a month(I know the figures are rubish but when needs must!)

Anyway this difference was still not payable by myself, these figures include the usual 1%commision and 2%commision to do the

changes, I told her I could not pay so she kindly sugested that I borrowed the money off my mother !!

Luckly for me I have a friend(yes only one!) who told me that the CAM could do much more than offered and proceded to tell me about the product

etc. When I put this to my bank,after her suprise that I knew about this she agreed that it was a possibility!!!! The result being that my payments are

now 525.00Euros a month,most of which will be paid by the tennants.Over all this 'product' will not cost me a huge amount. Has anyone else had similar problems

or even better does anyone have the; BANKS SECRET GUIDE TO HELPING BOOK !??

I would like to hear all opinions and possible other bank products, as I also have a mortgage on the house I live in and soon will have a similar problem,although

not the CAM.(if anyone wants the details on said product please ask, in my opinion this should not be a secret.

Baxter

I am new and a very close friend and myself both have very unsympathetic banks.  We have mortgages and my bank will not allow us to benefit from the drops in Euribor as our mortgage for this year was re-assessed in September before the two reductions.  This would mean a 200 euros a month reduction and off-set the losses we are experiencing from sterling collapse. THey also will not even accept a change in date for the monthly payment even though in our application we were given a choice and opted for the middle of month, and signed at the end of a month for the property. (Our money comes from the UK, cannot arrive in time for the early date and if we are even 12 hours late there is a pñenalty, plus money in sterling and our income ahs dropped a lot).  Before I had an income ehre so it was not an issue but that is no longer the case.

Their bank will not allow them to even take a mortgage holiday or waiive fees although they will have no income from January.  He tried negotiating before any arrears but bank basically said tough ****.

Banks get bailed out and cause the crisis yet we are peanslised all along the line.  My firend now faces financial ruin at age 25 for ther next decade at least as re-possession does not free you of the debt responsibility.

If your bank refuses to negotiate with you (in our case we have over 150000 euros equity in the house) can you go to the banking ombudsman or use other resources against the bank?

Baxzter I´d love to know more about Cam bank but as a new memeber I cannot send pm´s yet.

Could you please explain what the CAM is. I have 2 mortgages in Spain and have no money coming in now to pay the whoile amount. Have been trying to remortgage here in England but no luck so far. Getting desperate!

carvellchris, if you need any help, give me a nod.

Baxter my man, can you give me some more info on CAM please?

We have a mortgage on our flat in Benalmadena. I am thinking of chucking the keys in to the Bank. Priority is to make sure my family is ok in the UK, not on a "luxury" item such as an overseas property. Reality is I can't afford to pay for Spain and am not going to jeopardise my family in trying anymore. Any loss i make will be bearable as was only equity in UK house prices, so paper loss (how I'm having to view it!).

Bank Manager wasn't too happy with the prospect of me giving him the keys when i saw him October - shocked and flummoxed i think, as don't think many people present him with this option!!

Now this is a serious situation / stage, can anyone advise on the process if I was to walk away? Can i be got at in the UK by Banks / Lawyers etc? Am not fussed with being in trouble in Spain to be honest, just want rid of this.

Your help would be much apreciated.

Under provision 1175 and following of the Civil Code, you have got the right to pay your debt "in kind" ( give keys back to the Bank in your case), they need to justify if they did not accept it and you could challenge that opposition in Courts.

Of course, you have got every right to protect you and your family against banks´ voracity

Baxter , realy intrested to hear about your CAM secrets, all I get is a smile and a sorry nothing we can do unlesss you pay these crippling fees!!!!

would be glad of some help....

Thanks

Hi Baxter

Please let me know about CAM, I am having problems with laCaixa.  I'v only just joined this site so cannot send a PM yet.

i recently went to caja galicia bank in torrevieja to speak to the manager as i cannot afford my very high mortgage as i now have no job.There was no "manager" available, only two young ladies.When i told her of my problem she just shrugged her shoulders, /her actions reminded me of THE LITTLE BRITAIN sketch  ..computer says no....

i asked her if i could have a mortgage holiday......computer says no

i asked her if i could have reduced payments ....computer says no

i asked her was there a manager present.....computer says no

im now starting to think...if they dont care....why should i?