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Thread: The Dación en Pago Explained

  1. #1
    qvdftcoef
    Guest

    Default The Dación en Pago Explained

    This is the discussion thread for the article The Dación en Pago Explained

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  2. #2
    niki
    Guest

    Default The Dación en Pago Explained

    Hi, could you tell me if legal fees from my lawyer...should be paid by myself or the lender??we have been granted dacion en pago,but have not been told what the valuation of my property was.The bank have agreed to pay outstanding electricity,ibi...but we have legal fees of 1,800euros.

  3. #3

    Default

    Hello Niki,

    Yes, it is the borrower who has to pay the legal fees for the solicitor´s services.

    Regards,
    Patricia Martin
    Legal Assistant at Lawbird
    Check My Profile

  4. #4
    Vipul
    Guest

    Default The Dación en Pago Explained

    Hi, We've been told that the bank has agreed and signed a Dación en Pago last week but one of the three people named on the deed (and the key holder) knew nothing of the negotiation and has not signed anything - can the bank and other party do this?

    Thanks

  5. #5

    Default

    Hello Vipul,

    This is absolutely possible, as the deeds must have been signed via a Power of Attorney. Once you have confirmation that the deeds have been signed, this will mean that all the owners were present and if not, it means that one of the owners was represented via a valid Power of Attorney.

    Regards,
    Patricia Martin
    Legal Assistant at Lawbird
    Check My Profile

  6. #6
    ALAN GREEN
    Guest

    Default The Dación en Pago Explained

    Hi, Can you tell me how long the Dacion en Pago procedure takes please.

  7. #7

    Default

    Hello Alan,

    If the bank finally decides to accept it, the average amount of time is between 6 months and a year, though it can vary among provinces.

    Regards,
    Patricia Martin
    Legal Assistant at Lawbird
    Check My Profile

  8. #8
    G.Morriss
    Guest

    Default The Dación en Pago Explained

    Hi

    If I decide to go down the Dacion en Pago route, do I have to continue to pay the mortgage, community fees etc until a decision is made?

  9. #9

    Default

    Hello G. Morris,

    Before answering your questions, it is important that you understand the Dacion en Pago is only processed if the bank allows for it after checking your financial and personal situation and that they do not have any legal obligation to accept it. In the meantime, that is, while you are negotiating it, we do not recommend you to stop paying the mortgage and other fees related to the property if possible, as in case they deny the Dacion and for instance start the repossession process, your debt will have increased.

    I recommend you to contact a solicitor that can negotiate with your bank in your behalf, as if Dacion en Pago was not finally accepted, at least new mortgage conditions or a Novacion could be possible.

    If you wish to discuss your particular case, you can contact me by email after clicking on my profile.

    Regards,
    Patricia Martin
    Legal Assistant at Lawbird
    Check My Profile

  10. #10
    Forum Guest
    Guest

    Default The Dación en Pago Explained

    We only have old age pensions have no money in the bank and no assests at all we are on housing benifit. If bank reposses our flat in spain will we still be held resposnsible for any money the bank do not achieve when they sell our flat.

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