Comments on: Spanish Repossessions: What happens when you default on your Spanish Mortgage

By: graham

graham — Wed, 29 Dec 2010 17:44:49 +0000

Good artical,
i am atthe moment trying to get the bank to take back keys as my partner dyed last year and i can no longer afford the mortgage.but they are trying to complecate matters by in heratence tax’s ?
my mortgage is with solbank,
they dont like replying to letters or emails and are not really helpfull at all !

By: Repossessed Houses

Repossessed Houses — Wed, 02 Jun 2010 10:33:09 +0000

Very well written articles, one of the best around

By: mike walsh

mike walsh — Sun, 20 Dec 2009 16:18:34 +0000

hello, firstly i would just like to say this is a first class article, very well written and informative. I currently have a mortgage that is 3 months in arrears and it looks like i will not receive any money from my business for a month or two. Can you please give me some advice on what i should do. The mortgage is with the CAM, and I have informed the bank but i cannot get an answer from them if they are going to start proceedings. many thanks in advance. Mike

By: Spanish Property For Sale

Spanish Property For Sale — Thu, 11 Jun 2009 11:37:28 +0000

After writing a quality post like that, I can’t to anything but comment!

By: admin

admin — Thu, 04 Jun 2009 16:18:49 +0000

If you have no other assets, it is highly unlikely the bank will pursue you in the UK. The cost of doing so would almost certainly outweigh any benefit the bank would get.

Because of the current economic situation it is much more likely this year the bank will look at taking back the property without going through the full court process although if action has already started it may difficult to stop.

I would suggest you try to hand back keys by talking to bank and explaining situation. This way if they agree to take property back interest stops being added and costs would be reduced. You would need to check with them if you go this route if any residue funds should they be available after sale would be passed back to you.

If this is not possible and repossession takes place it will most likely that this will be the end of the story for you and the worst that is going to happen.

By: stuffed

stuffed — Thu, 04 Jun 2009 15:30:38 +0000

i am thinking of returning to the uk, am a spanish resident and am in the process of being repossessed, tried to negotiate with the bank last year but they didnt want to know unless arrears were paid in full first and that was impossible at the time so had to go down the repo route. i have no assets what so ever, none in the uk at all. so would the spanish bank persue me there when there is nothing for them to get? surely no uk bank or institution would buy the bad debt due to me have no assets or job in the uk, and debt collectors would have nothing to collect.
what do you think they will do?

By: Valerie Williams

Valerie Williams — Thu, 04 Jun 2009 15:14:41 +0000

Fascinating article, well thought of and well written with some very good advice in!

By: mortgage policies

mortgage policies — Sun, 31 May 2009 20:18:25 +0000

Very nice information. Thanks for this.