Comments on: The Dacion en Pago Procedure http://belegal.com/wordpress/dacion-en-pago/ Keeping up-to-date with Spanish Law Tue, 07 Feb 2012 20:47:22 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: raymundo http://belegal.com/wordpress/dacion-en-pago/comment-page-1/#comment-1231 raymundo Wed, 04 Nov 2009 10:33:47 +0000 http://www.marbella-lawyers.com/wordpress/?p=88#comment-1231 Dear Madam, Maybe your lender is not accepting the dación en pago as your property may have slipped into negative equity. Regarding what you comment on the fees involved to swap to interest-only you may want to read the following: Spanish Mortgages: No Tax on Term Extension or Swapping to Interest-only - Friday, June 26th, 2009 http://belegal.com/wordpress/spanish-mortgages-no-tax-on-term-extension-or-swapping-to-interest-only/ As for you being charged 1,400€ “for notaries fees” that is simply impossible or else a misunderstandment. As per law 2/94 notaries in these cases charge the lowest possible fee. Besides this operation does not attract Stamp Duty either as per my blog post above. There’s no need for you to travel over to Spain either, you can just appoint a lawyer acting as proxy to sign it on your behalf. Regarding your bank threatening to take your UK home, sadly this is becoming all too common as borrowers continue to default on their Spanish mortgages. When interest rates are raised again in 2010 we will again witness a new surge of defaults. Regards, Dear Madam,

Maybe your lender is not accepting the dación en pago as your property may have slipped into negative equity.

Regarding what you comment on the fees involved to swap to interest-only you may want to read the following:

Spanish Mortgages: No Tax on Term Extension or Swapping to Interest-only – Friday, June 26th, 2009

http://belegal.com/wordpress/spanish-mortgages-no-tax-on-term-extension-or-swapping-to-interest-only/

As for you being charged 1,400€ “for notaries fees” that is simply impossible or else a misunderstandment. As per law 2/94 notaries in these cases charge the lowest possible fee. Besides this operation does not attract Stamp Duty either as per my blog post above. There’s no need for you to travel over to Spain either, you can just appoint a lawyer acting as proxy to sign it on your behalf.

Regarding your bank threatening to take your UK home, sadly this is becoming all too common as borrowers continue to default on their Spanish mortgages. When interest rates are raised again in 2010 we will again witness a new surge of defaults.

Regards,

]]> By: GERALDINE TAYLOR http://belegal.com/wordpress/dacion-en-pago/comment-page-1/#comment-1230 GERALDINE TAYLOR Wed, 04 Nov 2009 09:52:11 +0000 http://www.marbella-lawyers.com/wordpress/?p=88#comment-1230 I originally applied to my bank for help nearly 6 months ago. They keep saying they haven't received any of my letters and have dragged their feet so that now the property is in negative equity and they wont accept it back as a Dacion en Pago. All they want to do is for us to convert the mortgage to interest only. This would only be for a 12 month perio but would cost us 1400 euros for the notario. Then in 12 months time we would have to pay another 14oo euros. In addition, we would have the cost of airfares and carhire in order to go to Spain to sign the documents. I am disappointed with the way the bank has behaved. They will not even waive the notario's fees which would be helpful. They do not seem to understand that we are currently recieving just £75 per week in benefits. My husband tried to kill himself earlier in the year because of the worry, because the bank are threatening to take our home in England. We are desperate and there is nowhere to turn for advice or help, especially if you have no money. We have been trying to pay somehing each month but that is becoming impossible and the recession is not improving yet. It maybe some time before the work situation improves and stabilises. What ever can we do? Regards, Geraldine TAylor I originally applied to my bank for help nearly 6 months ago. They keep saying they haven’t received any of my letters and have dragged their feet so that now the property is in negative equity and they wont accept it back as a Dacion en Pago.

All they want to do is for us to convert the mortgage to interest only. This would only be for a 12 month perio but would cost us 1400 euros for the notario. Then in 12 months time we would have to pay another 14oo euros. In addition, we would have the cost of airfares and carhire in order to go to Spain to sign the documents.

I am disappointed with the way the bank has behaved. They will not even waive the notario’s fees which would be helpful. They do not seem to understand that we are currently recieving just £75 per week in benefits.

My husband tried to kill himself earlier in the year because of the worry, because the bank are threatening to take our home in England.

We are desperate and there is nowhere to turn for advice or help, especially if you have no money. We have been trying to pay somehing each month but that is becoming impossible and the recession is not improving yet. It maybe some time before the work situation improves and stabilises.

What ever can we do?

Regards,
Geraldine TAylor

]]> By: » Cannot Keep Up Repayments on your Spanish Mortgage? Not All is Lost - Antonio Flores’ Blog http://belegal.com/wordpress/dacion-en-pago/comment-page-1/#comment-95 » Cannot Keep Up Repayments on your Spanish Mortgage? Not All is Lost - Antonio Flores’ Blog Tue, 27 Jan 2009 09:31:15 +0000 http://www.marbella-lawyers.com/wordpress/?p=88#comment-95 [...] is struck with the bank where they keep the property in payment of the debt. This is called ‘dacion en pago’ and it basically consists on formally handing over the deed to your home to your lender who [...] [...] is struck with the bank where they keep the property in payment of the debt. This is called ‘dacion en pago’ and it basically consists on formally handing over the deed to your home to your lender who [...]

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