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