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Thread: Home Repossessions in Spain: A Legal Perspective

  1. #291
    Anon London
    Guest

    Default Bank Repossessions in Spain: A Legal Perspective

    Thank you Amanda I feel the same, I will go to the Courts as its all threatning and let them come after me. I was told there is no way I could sell for years so what could I do but walk away. Its their problem and yes and archiac law.

  2. #292
    Junior Member
    Join Date
    Nov 2011
    Posts
    5

    Default How long does a Dacion en pago take?

    From first contact at the bank, how long would I expect a Dacion en Pago to take?

    What happens if I go into arrears during the process? Will it be stopped?

    When I first contact the bank, should I ask for something in writing to show that I have asked for the process to take place?

    Can a Dacion en Pago be halted in the unlikely event that our finances should improve during the process?

    Thanks for any help.

  3. #293

    Default

    Hello Mandy Marbella,

    Once a mortgage has been contracted with a bank, you are accepting the terms and conditions initially agreed so if your financial situation changes after some years, you have the right to approach them and try to negotiate the mortgage conditions, however, you cannot force them to agree with your conditions nor are they actually obliged to get to an agreement. Therefore there is no point in taking them to court for that reason.

    I recommend you to hire the services of an expert solicitor that can use his knowledge and experience to negotiate the mortgage conditions in your behalf.

    We offer that service at Lawbird so please feel free to send us an e-mail through our website´s contact form so we can continue the communications.

    Regards,
    Patricia Martin
    Immigration Consultant at Lawbird | Contact Me
    Check My Profile

  4. #294
    deborah
    Guest

    Default Bank Repossessions in Spain: A Legal Perspective

    I have 4 properties in spain with 4 mortgages with 2 different spanish banks. I am really struggling with payments can i return the keys on 2 of them (one bank) and keep 2 (another bank), the 2 I am wanting to return have negative equity, the other 2 have perhaps a small amount if any equity in them.

  5. #295
    southernbelle
    Guest

    Default Bank Repossessions in Spain: A Legal Perspective

    we are in the process of requesting a dacion en pago from the bank who themselves suggested this ( the usual long hardship story for us too !) We are now in the UK and owe £30k in CC and loans here and have the paperwork to back it up ( which have been to ironically pay the Spanish mortgage for the last 3 years !) and we rent a house and have no assets . Could you advise whether a lawyer would add weight to our application for this , i.e to present our case of poverty I guess . My in laws have offered to help with lawyers fees but not any repayments , we are not in arrears but probably can pay another 2/3 months max . Thanks , excellent site by the way

  6. #296

    Default

    Hello Deborah,

    The only way to find out if your suggestions are possible is to start negotating with the banks. Probably, they will offer to change the mortgage conditions rather that accepting a Dacion en Pago ( handing over the properties in exchange of the debt ). In these cases it is highly recommended to hire the services of an expert solicitor that will liaise with the bank to negotiate new mortagage conditions and reschedule payments or even finally get to an agreement that leads to the Dacion en Pago.

    We offer that service at Lawbird, so please feel free to contact us if you wish us to study your particular case.

    Regards,
    Patricia Martin
    Immigration Consultant at Lawbird | Contact Me
    Check My Profile

  7. #297
    deborah
    Guest

    Default Bank Repossessions in Spain: A Legal Perspective

    thank you for your answer Patricia could you give me an idea of cost involved if I were to ask your firm to do this for me.

  8. #298
    tenny
    Guest

    Default Bank Repossessions in Spain: A Legal Perspective

    Dear Lawbird,

    I have a house in spain that we purchased in 3 names. We owe c100 Euros and the property is probably of the same value or +/- 10%. Can I hand the keys back to CajaMurcia? Who would the bank purse in the uk given it is owned by 3 individuals?

    Thanks

    Tenny

  9. #299

    Default

    Hello Deborah,

    Thank you for your interest in our services..

    I would very much appreciate if you could drop me an email indicating the names of the banks involved, the amount of equity left and mortgage conditions for each property, so I could offer the most approximate quotation of the costs. Please send me an e-mail on patricia at lawbird dot com.

    Best Regards,
    Patricia Martin
    Immigration Consultant at Lawbird | Contact Me
    Check My Profile

  10. #300
    big sk
    Guest

    Default Bank Repossessions in Spain: A Legal Perspective

    My son bought a property in spain in 2008 together with a friend, due to certain circumstances my son has had to take the mortgage payments on himself (his friend is still on the mortgage) the apartment is standing empty as my son lost his job,. We are travelling to spain on the 19 february as my son got behind with his payments and the bank have said he has to up his monthly payments for the next 5 years in order to clear the arrears, he has been asked to come over and sign the agreement. I believe there could be a notary there and if this is the case have you any idea of the charges for a notary. My son is in massive negative equity (paid 180,00 for apartment and they are now selling for 75000) We would like to hand the keys back but I know he will be liable for the shortfall. He is also behind with service charges and utilities. (my son is now in employment )He wants to try and rent the property out, Im not sure this is going to be the right thing to do as I understand he will have to pay wealth tax? Dont know whether he will actually cover his overheads after taxes,utility charges etc., His mortgage is over 30 years (he is 32) he has no assets in this country, he is renting a property and he also has dependants i.e. partner and new baby. The payments on his spanish mortgage are crippling him. We would like to try and renegotiate the monthly payments on the mortgage or extend the term - can you take a mortgage out for longer than 30 years?. Would we need a lawyer to do this. Help really worried about meeting up with the bank in spain - feel like the lamb going to the slaughter!!

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