Dación en pago

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18 Dec 2008 00:00 by stan80 Star rating. 6 posts Send private message

I have been having problems paying my mortgage on my property in Spain.  Today I have had some good news from the bank, they have agreed to Dacion en pago on my property.

 

They tell me that all I need to do is go to the bank in Spain and hand in the keys , sign a power of attorney and that's it.

 

Can any one give me any advise regarding this matter.

 

Thanks in advance.

 

Stan





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18 Dec 2008 22:44 by Jewel Star rating. 33 posts Send private message

THis means they accept your property in full settlement of your mortgage, but you will not receive any money from the sale, however equally you will not be chased for any more debt either.....





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19 Dec 2008 12:44 by Lawbird Star rating. 59 posts Send private message

Lawbird´s avatar

Dear Stan,

First of all, congratulations.

You already had a thread opened on this subject:

http://www.eyeonspain.com/forums/posts-long-5973.aspx

In that thread there's a link to an article explaining the dación en pago procedure.

Regards,

 



_______________________
Lawbird Spanish Lawyers http://www.lawbird.com



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21 Dec 2008 14:27 by mariadecastro Star rating in Algeciras (Cadiz). 9302 posts Send private message

Legal Questions? Speak to Maria Direct

 A very important perspective to take into account with Dación en pago procedures is that the Bank cannot unjustifiedly deny the consumers proposal and that you can always have judicial help on this.



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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23 Dec 2008 16:01 by Jewel Star rating. 33 posts Send private message

Just out of interest, if you agree dacion en pago is that only for the property as is or can you ask the bank to pay you some money on sale of the property - for instance people who have about 50% equity left in their property? If not then it is an ex`pensive option for those still with genuine equity?





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23 Dec 2008 16:59 by mariadecastro Star rating in Algeciras (Cadiz). 9302 posts Send private message

Legal Questions? Speak to Maria Direct

Yes, you could ask for remaining.



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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17 Feb 2010 15:23 by walkingshots Star rating. 2 posts Send private message

Hello,

I have a property in el Vergel which was completed in 2007  and there is still no habitation licence.

I'd like to sell but without it I can't get an agent to take it on.

I'm struggling to find the money to pay for the mortgage and would love to walk away.

Does anyone know if there have been recent changes to the law or the handling of banks to this issue.

Does the process remain the same?





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17 Feb 2010 21:56 by mariadecastro Star rating in Algeciras (Cadiz). 9302 posts Send private message

Legal Questions? Speak to Maria Direct

Yes, it does remain the same. I would send a cancellation notice to the developer first ( due to lack of First Occupation License).



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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