International Mortgage Solutions
International Conveyancing solutions

Personal, Professional & Independent Advice.

Spain:   +34 952 459 745

If you are in arrears in Spain or are struggling to pay your Spanish Loan what options do you have.

Customers suffering difficulties should always speak to the bank or an independent third party who can talk to the Bank on their behalf before getting in arrears.

Customers should always stay aware that late payments not brought up to date are considered as arrears.

Whilst a few years ago banks were unwilling to help customers who were struggling to pay; with the right communication at the right time they do will now consider options that will reduce the impact for the bank and the customer.

What Are These Options?

1. The bank can agree to extend the term of the loan. There are some minor costs incurred in this instance which the customer must be able and willing to pay but it can have the impact of reducing the monthly obligation

2. The bank can agree to take back the property as full and final settlement. Unless there is significant equity in the property the bank will be unlikely to agree to do this as they take over responsibility for selling the property, running costs of the property, taxes for the transfer and already have a vast amount of stock on their hands

3. The bank can agree to allow you to sell the property at whatever price you can get for a quick sale even if this is below the mortgage level owed

More and more banks will be willing because of the vast amount of properties they own to consider option 3. If they agree to option 3 your obligation is wiped out with no future recourse for the bank to pursue any amounts left unpaid between debt and actual funds gained.

In the current market conditions option 3 may provide a much better long term solution for struggling mortgagees and the banks even if this means selling below current market price.

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Spain: +34 952 45 97 45 | Fax: +34 952 45 97 42

International Mortgage Solutions, Lista de Correos, C.P 29110, Monda Malaga

International Mortgage Solutions guarantee the following:
Neither your personal financial details or other personal information sent for a mortgage enquiry or application
will at any time be passed to or sold to any third party for data base marketing purposes or any other reason.
Information in relation to a full mortgage application will only be passed to the bank or relevant banks to which we are making an application.

Please note that all UK mortgage enquiries are passed with the clients permission to an authorised independent UK broker.
We do not advise on or arrange UK loans directly ourselves as we are not FSA regulated to do so.