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Unregistered
07-13-2009, 04:29 PM
I have two properties in Spain 1 with a mortgage 1 without. I am struggling to make my monthly payments. Both my houses are in my name only I have a uk home in both mine and my wife’s name If I cannot make my payments will the Spanish bank force me to sell both Spanish properties (the 1st property was not used as collateral) and if the combined sale of these two didn't cover the deficit can they chase me in the Uk as my Uk property is jointly owned?

Lawbird Lawyer
07-13-2009, 06:00 PM
Dear Sir,

I've already covered this topic in detail in many forum threads, please take some time to peruse them:

E.g.

Unable to keep up repayments (http://www.marbella-lawyers.com/forums/showthread.php?t=65)
Steve

What to do if I cannot meet the mortgage repayments? (http://www.marbella-lawyers.com/forums/showthread.php?t=49) ( 1 2 3)
Anonymous

On you defaulting a spanish mortgage loan, if you happen to slip into negative equity, you will be held personally and unlimitedly liable with all your assets both now and in the future.

Taking for granted you are British, your default marriage economical regime is separation of assets unless agreed otherwise.

What the above means is that they can only pursue your assets, as only you -presumably- signed the Spanish Mortgage loan, and not your wife.

On you being repossessed the Spanish lender will first aim to seize control of your Spanish assets, whether acting as acollateral or not, until the balance is fully paid (plus repo associated expenses).

Should your two spanish properties not be enough, they will indeed chase you in the UK or elsewhere for the difference probably placing a charge against your jointly owned property which will impede you selling it unless they are are paid off first.

E.g.

Property was bargained away and we are being chased for the shortfall. Please help! (http://www.marbella-lawyers.com/forums/showthread.php?t=617)
Wendy



Yours faithfully,
Raymundo Larraín Nesbitt