14 Jan 2009 2:28 PM:

Thanks Smiley,

 

Just to clarify, I have not approached the bank yet. I'm doing the ground work so that I can approach them in the best way possible and increase my chances of success.

 

As I have mentioned, I'm still young and don't see myself as likely to make any profit within the next 5 years on the property by selling it and the repayments are crippling me financially to the extent that reposession will probably happen sooner rather than later although I am only 1 month in arrears now but the idea of being left with the shortfall from the auctioned property by reposession (which it seems is likely to be much higher) doesn't really fill me with joy, and dación en pago would appear to be the next best option to free myself from this debt without being financially crippled and/or living in fear for years to come.

 

The way I see it, even partial dación en pago would be preferable to forced reposession. as I may achieve say 120,000€ from the bank and still owe them 25/30k, but with forced reposession and auction they may only clear 60k of the debt and I'll owe 60k with no property to show for it. Bankruptcy would follow I expect! Not a road I want to go down so I would rather be proactive now.

Thread: Can anyone recommend a local lawyer (Almería) experienced in dealing with Dación en pago? Advice?

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14 Jan 2009 1:57 PM:

Smiley the mortgage expert. I've seen posts abotu and from you here. Is it usually a centralised bank thing or branch level precedent? I'm with BBVA.

Thread: Can anyone recommend a local lawyer (Almería) experienced in dealing with Dación en pago? Advice?

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14 Jan 2009 12:24 PM:

Thanks pmsabogada,

 

I understood that the bank also had to justify it's reason for not accepting the property as dación de pago, and had 'to have a very good reason' for this...

 

I think it is in one of mariadelcastro's posts, but I may have misread.

Thread: Can anyone recommend a local lawyer (Almería) experienced in dealing with Dación en pago? Advice?

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14 Jan 2009 10:08 AM:

Also does anyone know if it's possible to do partial dación en pago? So give the apartment to the bank and keep a loan of a certain amount (what they may potentially view as the difference between accepting or not).

Thread: Can anyone recommend a local lawyer (Almería) experienced in dealing with Dación en pago? Advice?

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14 Jan 2009 12:00 AM:

I posted this on the living in Spain section. I think it would be better here!!

 

Hi everyone,

I would really appreciate it if anyone knows a lawyer with experience of dación en pago. I think my chances of success would be much greater with some legal backing.

Thanks

RinTinTin

 

For any who wish to give advice. I bought an apartment 3 years ago, valued at the time at 192,000€, paid 150,000€ all on mortgage and have about 146,000€ left to pay off (early period of interest only etc) and I really can't see a way out of this other than bank reposession or dación en pago with the latter being preferable as it will relieve me of 100% of the debt, whereas repossesion may not. I am still young enough to benefit from the rentals scheme of the Spanish government and could go from paying out 8/900€ a month to 250€ a month. Some difference!

Thread: Can anyone recommend a local lawyer (Almería) experienced in dealing with Dación en pago? Advice?

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