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19 Nov 2018 01:04:

Have received a pretty threatening letter from a UK law firm acting for Sabadell, basically giving us 2 weeks to repay 85k euros shortfall on a mortgaged property that we handed the keys back to in 2008.

We've basically heard nothing for 10 years.

Letter suggests putting charge on our UK property, reporting us to credit agencies and seeking a bankruptcy order.

The letter feels quite speculative - it has a lot of generic language that I assume has been sent out to lots of people.

I have been reading about EEOs which is quite concerning.

Has anybody else been through this and what was the outcome?


Thread: Being chased by Sabadell in the UK

19 Nov 2018 00:51:

Does anyone know how this was resolved, have Spanish banks been able to recover debts from UK assets?


Thread: Legal action in UK over spanish properry debt

10 Nov 2009 17:24:

You can subrogate your mortgage - ie get another bank to take over the loan for you - such as through the Halifax Switch and Save scheme.

To negotiate a reduction with your existing lender will always require a trip to the notary and some costs to amend the mortgage deeds.

Anyone offering to do this for a fixed fee should be viewed with caution I think - as I don't know how it can be done



Thread: Promise of Mortgage Re-payments Reduced

10 Nov 2009 17:15:

I have had clients that have used them and lost money

There are upfront fees, that may be payable to a third-party company, which turns out to be not recoverable when the deal falls down

What tends to happen is that all is fine until valuation, which then causes problems and the application to be "declined"

Proceed with caution

Thread: Low Rate Spanish Mortgages.com

10 Nov 2009 17:11:

Your post is virtually an advert

It would be nice if the Spanish banks would come up with some products to help their existing customers that may be struggling

These deals are available largely because CAM were incredibly negligent in their lending practices during the boom years, and have been left holding the properties

Now they are trying to shift the debts onto new purchasers, rather than declare the bad debts in their accounts

They aren't doing anything for the benefit of non-residents


Thread: Non Resident mortgages are available


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