Bank Repossessions in Spain: A Legal Perspective
Hi, I mentioned a couple of months ago about extending my Spanish mortgage but the bank wanted 2,000 euros. Their bank manager is off ill and the person who my friend spoke to (She is a lawyer from Peru) so speaks fluent told her that is was not their problem and they had their own clients to deal with. I spoke to santader bank in London a nd they have tried to help but with little success. I have sent a number of bank statements, my business accounts etc to the bank of Valencia whO I bank with. My question is you said previuosly that there was a blob about not paying tax on extended mortgages and interset only mortgages, i could not find the blog but I just want to know shoukld I have to pay tax on another mortage again and will I have to pay Santander bank for leaving them? I have been with them for 5 years and don't think there is a tie in penalty now. Also, I do not know if it would be better to have a mortgage with just the banks normal interest rate or the Eurebor? is it still low? Many Thanks
Bank Repossessions in Spain: A Legal Perspective
Hi Raymundo
Thanks alot for your clear explanation. That has been very helpfu. There is one more querie if I may ask and that is If I leave Sanatnder to go to the Bank of Valencia (As Santander do not offer mortgages with the eurebor) will I have to pay taxes if I remortgage with another bank or only avoid them if I stay and extend lenght of term with current lender?
Many Thanks Again
Stefan
Bank Repossessions in Spain: A Legal Perspective
Dear Stefan,
what is the current 2010 stance/policy of Santandar bank on persuing UK lenders who default on spanish mortgage? I am upto date but in 3 months will not be able to keep up payments.The property on a golf resort should just about the value of the mortgage .I was going to let the bank have 3 month advance notice and ask them to cancell mortgage and take the property back as the they can still i think break even.What do you think?
Bank Repossessions in Spain: A Legal Perspective
we have been offered a dacion en pago on our property, we are now awiting the study.
last september we had a re mortgage
our bank valued our property last september at 328,000 euros which to me is way overpriced we have a mrtgage of 175,00 and we are hoping the dacion will cover this. I have been told that by law in spain banks cannot drop the valuation of a property by less than 20% in the same year is this correct? i would really like some advice on this
thanks
Bank Repossessions in Spain: A Legal Perspective
Thanks for the useful info and hopefully you can comment on the following.
I am in the process of being repossessed by a bank on Gibraltar for a house I own and that is registered here in Spain.
Unfortunately I now have no way of paying the mortgage, which is c30.000 in arrears and with negative equity currently running around €250.000.
I have no assets here or elsewhere.
My only option, it seems, is to declare myself bankrupt. Is this a possibiity in Spain? If not I won´t be able to live with the constant chasing from banks, lawyers, debt recovery agencies etc as you have noted in many posts above. In that case i will mover back to the UK, declare myself bankrupt there and be discharged after 2 years. A bad credit file would be a good thing after the current nightmare.