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30 Sep 2009 00:00 by robinsp Star rating. 17 posts Send private message

Maria

We are thinking of selling our apartment as we are finding it difficult to afford it with the £ against the Euro.  I have been advised by a Local Estate Agent that we would now have to sell for much less than we paid for it 4 years ago.  Obviously we will need to pay off our mortgage if we do sell it but what happens to the shortfall - can we pay this back monthly as there will be no equity in the property to offset this?





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30 Sep 2009 17:34 by mariadecastro Star rating in Algeciras (Cadiz). 9321 posts Send private message

Legal Questions? Speak to Maria Direct

Yes, you can  certainly try to reach an agreement with the Bank for the payment of the rest of the debt. 

For the Banks´safety regarding the execution of the debt and therefore for them to be happier with the agreement, I would advise you to submitt the debt acknowledgemnt to an International Arbitration Court.

Hope this helps.

Maria



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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