Dacion en Pago Query

Hi there

I have posted this in legal and spanish banks catergories so apoloisies for this but need to get as much advice ASAP.

We recently completed a Dacion en Pago in March and have still been having letters from the mortgage company which are advising us we are over drawn etc etc.  We have had confirmation via e mail in May from the bank manager that we were in peace with them!

However following numerous letters since i have  emailed them a letter asking for them to confirm the current situation as we are very concerned. The response today was as follows:-

As you can understand these letters are not coming from the Branch in Campoamor, they're automatically generated in Madrid. You left the power of attorney and the keys of the property, but it does not mean that the property is sold and the mortgage is already cancelled. I understand you're concerned for the letter you receive but it takes time to get out from this situation. We're not calling or sending you lawyers to require payments, because we accepted to try to sell it before it went repossessed, you know how is the economic situation all around Europe, it's not easy to find buyers, you have to be patient. And always bear in mind that the decision to buy the property and sign the mortgage has been taken by yourself, you have to be ready to accept the consequences.

I thought a dacion en pago cut you free of the mortgage and any debt??

Can anybody shed some more light on my sitaution and/or provide me with any advice??

Just to add our mortgage monthly payments have stopped!!

Many Thanks in advance.

Pazaz:

I would certainly need to see the deed/contract you signed with the Bank for the dacion en pago.  Your position certainly depends mainly on this. Initially the ideal deal is to have a clause in the agreenment ( deed or contract) by which the Bank/lender refuses to further requests in the future regarding that mortgage.

If the valuation of the property by the Bank do not cover the whole value of the remaining debt, you  have got rights to your own valuation and to challenge that of the Bank ( for a full coverage of your debt, with your own valuation at hand) in Courts.

In many occassiona as Banks/lenders do not want to accept your RIGHT to dacion en pago, they show a very low valuation, of course made by a surveyor of  THEIR election.

The right to give the house to the lender as payment of your debt is a clear right in our Civil Code, so... so not let Banks/lenders to impose anything on you, come on Banks!

Maria

 Hi

A further question about this subject. I am separated from my wife and the house is being reposessed by the bank. The house is in both names. I would love to give it to the bank but she won't. What's the situation then?? The same situation is likely to arise on our finca soon too. I am in divorce hell with no movement in three years and all my abogado says is wait.