Euroneth

i am considering buying a propert in spain through an agreement with a development company called Euroneth. The deal involves a contrcat whereby Euroneth contract to purchase the property back off me in 3 years time for an agreed price. I have asked the sales company what would happen in the event of Euroneth going bust, me having to sell the property and the sale proceeds not being enough to cover the mortgage. The sales agent said that in Spansih law I could just hand the keys back to the bank with no further laibility but I do not think it as simple as that. Would it make a difference if got a letter from the bank confirming that they would not pursue me further in such a situation. I would really appreciate your feedback on this quetions. Many thanks

Dear Sir,

Handing over the keys to your lender is not such straightforward issue as you are being mislead to believe, please read our articles on the matter:

The Dación en Pago Explained - 28th March 2009

The Dacion en Pago Procedure - Friday, November 21st, 2008


On you failing to service your Spanish mortgage, if the property slips into negative equity, and you are repossessed you will be held personally responsible for the outstanding debt. You may be pursued in Spain and/or abroad.

The way you make this investment sound is that you have to be almost dum not to part with your money as there's apparently no risk involved. Not so.

A bank will not write such a letter.

As in all thing in life, if it sounds too good to be true it probably is.

Following several libel suit threats done by the affected party(ies), this thread has been closed and edited, and many posts deleted due to offensive/rude language and the posting of personal information.

I have now decided to reopen the thread as we don't like censorship and believe in freedom of speech. However, due to the tone this thread has reached, no posts from unregistered users will be allowed. If you wish to post comments, good or bad, you must be registered. Posts from unregistered users will be deleted straight away.

Regards

I missed the previous posts on this thread and am interested to hear of any others recent dealings with Euroneth and what the outcome has been.
Thanks.