Comments on: Cannot Keep Up Repayments on your Spanish Mortgage? Not All is Lost http://belegal.com/blog-by-antonio-flores/cannot-keep-up-repayments-on-your-spanish-mortgage-not-all-is-lost/ Thoughts about laws and regulations which affect foreigners in Spain Fri, 10 Feb 2012 18:55:55 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: James http://belegal.com/blog-by-antonio-flores/cannot-keep-up-repayments-on-your-spanish-mortgage-not-all-is-lost/comment-page-2/#comment-10869 James Tue, 19 Apr 2011 11:10:12 +0000 http://www.marbella-lawyers.com/blog-by-antonio-flores/?p=61#comment-10869 My partner and I have split up and I am still residing in the property She has spoken to me about handing the keys back to the bank. The property is in her sole name but I am the guarantor. Is it possible for me legally to take over the mortgage as the guarantor as I have 3 children also living in the property or can she evict me and hand the keys back My partner and I have split up and I am still residing
in the property
She has spoken to me about handing the keys back to the
bank. The property is in her sole name but I am the
guarantor. Is it possible for me legally to take over
the mortgage as the guarantor as I have 3 children also
living in the property or can she evict me and hand the
keys back

]]> By: Jo http://belegal.com/blog-by-antonio-flores/cannot-keep-up-repayments-on-your-spanish-mortgage-not-all-is-lost/comment-page-1/#comment-10812 Jo Fri, 15 Apr 2011 13:35:10 +0000 http://www.marbella-lawyers.com/blog-by-antonio-flores/?p=61#comment-10812 Hi Anotonio, I used to live in Spain but moved back to the UK approximately 4 years ago. when we first left we were keeping up with the payments of our mortgage in spain, however soon after moving back we were unable to keep up with the mortgage. we have lost contact with the bank we have the mortgage with. but obviously still have a very large debt with them. myself and my partner whom i have the mortgage with have now split up. but i dont know where we stand with regards to the mortgage? do you know what will happen or what could happen with reagards to the debt? or do you have any advise for me? Hi Anotonio,

I used to live in Spain but moved back to the UK approximately 4 years ago. when we first left we were keeping up with the payments of our mortgage in spain, however soon after moving back we were unable to keep up with the mortgage. we have lost contact with the bank we have the mortgage with. but obviously still have a very large debt with them. myself and my partner whom i have the mortgage with have now split up. but i dont know where we stand with regards to the mortgage?
do you know what will happen or what could happen with reagards to the debt? or do you have any advise for me?

]]> By: aflores http://belegal.com/blog-by-antonio-flores/cannot-keep-up-repayments-on-your-spanish-mortgage-not-all-is-lost/comment-page-1/#comment-10799 aflores Thu, 14 Apr 2011 12:46:46 +0000 http://www.marbella-lawyers.com/blog-by-antonio-flores/?p=61#comment-10799 Hello Ann and Padrag, I suggest you go to the branch at some point to explain that, no matter how many times they call or they try to frighten you, you just do any more to please them (you can tell them that only till money printing machines are made legal, when everything will be sorted :)). They need to know that you are completely genuine and are not playing games, the market is what is and it is now out of your ability to sort things out, but within theirs! Hello Ann and Padrag, I suggest you go to the branch at some point to explain that, no matter how many times they call or they try to frighten you, you just do any more to please them (you can tell them that only till money printing machines are made legal, when everything will be sorted :) ). They need to know that you are completely genuine and are not playing games, the market is what is and it is now out of your ability to sort things out, but within theirs!

]]> By: Ann Marie Conroy http://belegal.com/blog-by-antonio-flores/cannot-keep-up-repayments-on-your-spanish-mortgage-not-all-is-lost/comment-page-1/#comment-10798 Ann Marie Conroy Thu, 14 Apr 2011 12:39:08 +0000 http://www.marbella-lawyers.com/blog-by-antonio-flores/?p=61#comment-10798 Hola Antonio, Many thanks for your prompt reply and advice. will speak to the bank again. cannot see much hope as they dont even look at us anymore. just past our shoulders as if we are boring them. We are now heading for our 3rd month of only paying half our mortgage 650 euros out of 1225 euros can the bank start repossecssing procedures? We have being inundated with phonecalls from Cam, now these calls have stopped and we are getting quite worried. Many thanks for givng us your very valuable time will say a little prayer for you and all the good people who are trying to help us seniors. Muchos Saludos Ann Marie and Padrag Hola Antonio,
Many thanks for your prompt reply and advice. will speak to the bank again. cannot see much hope as they dont even look at us anymore. just past our shoulders as if we are boring them.
We are now heading for our 3rd month of only paying half our mortgage 650 euros out of 1225 euros can the bank start repossecssing procedures? We have being inundated with phonecalls from Cam, now these calls have stopped and we are getting quite worried.

Many thanks for givng us your very valuable time
will say a little prayer for you and all the good people who are trying to help us seniors. Muchos Saludos Ann Marie and Padrag

]]> By: aflores http://belegal.com/blog-by-antonio-flores/cannot-keep-up-repayments-on-your-spanish-mortgage-not-all-is-lost/comment-page-1/#comment-10773 aflores Wed, 13 Apr 2011 12:56:27 +0000 http://www.marbella-lawyers.com/blog-by-antonio-flores/?p=61#comment-10773 Dear David, would you not be able to sell the property for over 45.000 Euros? I would have thought that this would be possible, given the very low price, but if not, surely today's value would be higher than the outstanding balance. Do you have a value for this property today? Dear David, would you not be able to sell the property for over 45.000 Euros? I would have thought that this would be possible, given the very low price, but if not, surely today’s value would be higher than the outstanding balance.

Do you have a value for this property today?

]]> By: aflores http://belegal.com/blog-by-antonio-flores/cannot-keep-up-repayments-on-your-spanish-mortgage-not-all-is-lost/comment-page-1/#comment-10772 aflores Wed, 13 Apr 2011 12:54:07 +0000 http://www.marbella-lawyers.com/blog-by-antonio-flores/?p=61#comment-10772 Hello Ann, it is difficult to say given the situation and not the least your age as, although you are by no means elderly, banks don't see it this way, unfortunately. I would keep insisting the bank and advising them, particularly considering it is CAM bank (who is in big trouble), that you need a breathing time of 2 years to be able to sell the property and that otherwise, you will default. If the bank is sensible, they would give you this time because you have a track record of regular payment of the mortgage. Let me know how you get on. Hello Ann, it is difficult to say given the situation and not the least your age as, although you are by no means elderly, banks don’t see it this way, unfortunately. I would keep insisting the bank and advising them, particularly considering it is CAM bank (who is in big trouble), that you need a breathing time of 2 years to be able to sell the property and that otherwise, you will default. If the bank is sensible, they would give you this time because you have a track record of regular payment of the mortgage. Let me know how you get on.

]]> By: Ann Marie Conroy http://belegal.com/blog-by-antonio-flores/cannot-keep-up-repayments-on-your-spanish-mortgage-not-all-is-lost/comment-page-1/#comment-10735 Ann Marie Conroy Mon, 11 Apr 2011 13:25:44 +0000 http://www.marbella-lawyers.com/blog-by-antonio-flores/?p=61#comment-10735 Hola Antoino, We have a balance of 970000 on our v mortgage original 2 mortgages amount we borrowed was 210000 these mortgages was based on one property we owened and the Finca we wished to buy it cost 250000 in expenses which was included in the the the mortgage 201000 term 10 years hoping when we sold our own property it would appriciate most of the mortgage we owed. By the time sold our property prices had crashed , we paid the bank and now have the above balance of 97000, we did receive a 2 year interest onlywhich fibnished last october but as we are now pensioners we approched the bank to ssk if we could have reduced repayments are now 1225 euros per month we have being meeting with the bank since last May the bank have made us an offer of deividing the mortgage On 57,000 we pay 650 euros per month for one year this will cost 4000 expenses and in on years we will have a mortgage of 108000. so 4000 espenses i year at 650 per month = 11.800 plus 11000 extra on mortgage that make 22800 extra for one year can this we right Cam Bank say that they dont have to do anything at all as we signed a contract. because we are 69 65 years and on a pension have no children no we cannot remortgage with other banks our pension si 1,700 euros per month we are now two months paying 650 euros off our mortgafge and doing everything to try and sell our property is there anywhere we can get help ?? Thank You Ann Marie Hola Antoino,
We have a balance of 970000 on our v mortgage original 2 mortgages amount we borrowed was 210000
these mortgages was based on one property we owened and the Finca we wished to buy it cost 250000 in expenses which was included in the the the mortgage 201000 term 10 years hoping when we sold our own property it would appriciate most of the mortgage we owed.
By the time sold our property prices had crashed , we paid the bank
and now have the above balance of 97000, we did receive a 2 year interest onlywhich fibnished last october but as we are now pensioners we approched the bank to ssk if we could have reduced repayments are now 1225 euros per month we have being meeting with the bank since last May the bank have made us an offer of deividing the mortgage On 57,000 we pay 650 euros per month for one year this will cost 4000 expenses and in on years we will have a mortgage of 108000.
so 4000 espenses i year at 650 per month = 11.800 plus 11000 extra on mortgage that make 22800 extra for one year can this we right Cam Bank say that they dont have to do anything at all as we signed a contract.
because we are 69 65 years and on a pension have no children no we cannot remortgage with other banks our pension si 1,700 euros per month we are now two months paying 650 euros off our mortgafge and doing everything to try and sell our property is there anywhere we can get help ??

Thank You Ann Marie

]]> By: David Smith http://belegal.com/blog-by-antonio-flores/cannot-keep-up-repayments-on-your-spanish-mortgage-not-all-is-lost/comment-page-1/#comment-10544 David Smith Wed, 30 Mar 2011 13:37:25 +0000 http://www.marbella-lawyers.com/blog-by-antonio-flores/?p=61#comment-10544 Hi Antonio Congratulations on this lively, friendly and informative forum. Our problem : We live in the UK and have a Spanish apartment with an outstanding Mortgage of 43,000 Euros. The bank originally valued the apartment in 2005 at 137,500 Euros and we paid 99,000 Euros. My wife has been very ill and is now unable to work, so we are finding it very difficult to pay the Mortgage now - for the first time we have missed a payment. We contacted my branch of BankInter just over a Month ago to try to re-arrange to an Interest Only Mortgage. After Many phone calls they said this was impossible, but we could extend the term of the mortgage with costs of more than 1,500 Euros plus extra life (if I could afford this I would be paying the mortgage, no problem) I asked for a detailed breakdown of costs etc to be emailed but nothing has arrived. I email everyday but am just ignored. I feel that the only option would be to ask for Dación en Pago, as I have missed a payments and don't want it to be reposessed. Any comments or advise would be greatly appreciated. David Hi Antonio
Congratulations on this lively, friendly and informative forum.
Our problem :
We live in the UK and have a Spanish apartment with an outstanding Mortgage of 43,000 Euros. The bank originally valued the apartment in 2005 at 137,500 Euros and we paid 99,000 Euros.
My wife has been very ill and is now unable to work, so we are finding it very difficult to pay the Mortgage now – for the first time we have missed a payment.
We contacted my branch of BankInter just over a Month ago to try to re-arrange to an Interest Only Mortgage. After Many phone calls they said this was impossible, but we could extend the term of the mortgage with costs of more than 1,500 Euros plus extra life (if I could afford this I would be paying the mortgage, no problem)
I asked for a detailed breakdown of costs etc to be emailed but nothing has arrived. I email everyday but am just ignored.
I feel that the only option would be to ask for Dación en Pago, as I have missed a payments and don’t want it to be reposessed.
Any comments or advise would be greatly appreciated.
David

]]> By: Steve Paterson http://belegal.com/blog-by-antonio-flores/cannot-keep-up-repayments-on-your-spanish-mortgage-not-all-is-lost/comment-page-1/#comment-9342 Steve Paterson Thu, 23 Dec 2010 22:25:22 +0000 http://www.marbella-lawyers.com/blog-by-antonio-flores/?p=61#comment-9342 I live in the UK and am very interested in taking over some one else's mortgage? I have been told that the banks are happy to let this happen in Spain. If this is true, does anyone know how to source these properties and where to find further information? In addition, I would also be interested in auction properties that I have seen mentioned in this forum. I am particularly interested in the Murcia area? Thankyou I live in the UK and am very interested in taking over some one else’s mortgage? I have been told that the banks are happy to let this happen in Spain. If this is true, does anyone know how to source these properties and where to find further information? In addition, I would also be interested in auction properties that I have seen mentioned in this forum.
I am particularly interested in the Murcia area? Thankyou

]]> By: susana http://belegal.com/blog-by-antonio-flores/cannot-keep-up-repayments-on-your-spanish-mortgage-not-all-is-lost/comment-page-1/#comment-8720 susana Thu, 04 Nov 2010 11:51:32 +0000 http://www.marbella-lawyers.com/blog-by-antonio-flores/?p=61#comment-8720 Thankyou, I feel a bit more positive now, maybe I do have another option. I want to pay back the debt but obviously an amount I can afford each month if it comes to it. I just hope hacienda can understand I could not afford to pay this back in 2 years as I have 3 kids and a low income. Hopefully they can give me more time. thankyou Thankyou, I feel a bit more positive now, maybe I do have another option. I want to pay back the debt but obviously an amount I can afford each month if it comes to it. I just hope hacienda can understand I could not afford to pay this back in 2 years as I have 3 kids and a low income. Hopefully they can give me more time. thankyou

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