You are welcome.

Hmmm, following your post everybody is to blame it would seem other than yourself Gary. Really?

The fact is that turning back the clock only 4 years ago every Tom, Dick and Harry were raking in 20% capital appreciation on their properties, at least on paper, year after year after year.

It took a great deal of self-discipline to avoid falling for the hype when newspapers, magazines, tv etc kept banging all day long how much house prices were rising every year and just how rich and smart your next door neighbour was becoming with exotic Cape Verde property and releasing equity from his home. Remember self-certified loans known popularly as liar-loans?

People almost thought there was something wrong with you if you did not indebt yourself up to your eyeballs in cheap credit to live "the great life" to which everyone seemed to be entitled. Banks almost threw money at your face when you walked in. Cheap credit is like crack, very addictive and should carry a warning.

4 years on we are back to reality when only those who make a certain income p.a. can afford certain lifestyles with overseas properties. Unfortunately for some, such as yourself, the consequences of your acts will come back to haunt you for the rest of your life.

If after you are repossessed there's a shortfall your lender will pursue you abroad and tag on default compoud interest rate pa. You may not hear anything from them in the next decade thinking you are safe when some day out-of-the-blue you will receive a lawyer's letter or a phone call from a debt-collecting agency reminding you of your past life.

Property moves in cycles. In Spain these take on average 15 years from peak to through. The last cycle was from 1993 till 2007. Now that everyone is, to put it mildly, complaining on the market it is the best time to buy in my opinion. It is now when people will snatch properties at knockdown prices and will be admired for their financial savvy in years to come. Modern Society has a fixation for money and those who know how to make it. And making money is all about having common sense (and guts).

Next time round when you feel tempted to step in when everyone seems to be overboard on property hype -again-, just don't.

Buy when everyone is scared and the uncertainty is tangible, you won't regret it. You may want to read our article on buying off-plan and avoiding the common pitfalls:

Buying Property In Spain Tips Part II. Off-Plan Property - 18th April 2010

Any way I don't want to sound like I'm patronising you in anyway which is easy in hindsight and terribly rude. We are all adults and are entitled to our fair share of mistakes in life. You only live once after all.