Bank Repossessions in Spain: A Legal Perspective
I want to give my property back to the bank.My morgage is so high I can never pay it off or sell due to problems. I owe them 200 euros which is a part payment of monthly morgage. They have already threatened repossesion. I also have a personal loan from them. I owe community fees. I am self employed and my work has dried up. I read your comment on dacion de pago were you say all debts must be paid before you can make this arangement.I can not do this. Do I just have to wait for them to repossess incurring extra charges for everybody or is there another alternative.Would al these debts be added morgage, personnal loan ,and community fees together with any other debts on property. I do not own any property and have a car on credit. Can they if once my property is repossessed make a charge against any future earnings if I am self employed. For instance track down a bank acount and take any monies deposited there. Plus blacklist my name.
Bank Repossessions in Spain: A Legal Perspective
Thank you for your detailed and informative reply. I read dacion en pago 1 The customer must be on time with payments community and local taxes.Therefore I thought this ruled me out. I now see this can be negotiated with bank to be included. I have emailed my bank and asked for them to concider my property under dacion en pago. If this is excepted and the 350 is paid to them what other charges am I likely to incur your solicitors fees for example. After this procedure is completed.Would my future credit be effected say to buy a car or have a credit card I have no debt on credit card only apartment debts. I am nearing retirement age so would not buy another property. If I start earning again while procedure is going through but not wish to retain property would this be o.k. If Im turned down by bank for dacion en pago will the repossession procedure be the next step. My morgage is just too much for me along with high community fees.
Bank Repossessions in Spain: A Legal Perspective
What a relieve I wil be in touch once I have reply from bank.Thank you so much. One final question I mentioned above is what if I start earning while proceedure is going through can they take that money if I want them to take back property via dacion en pago
Bank Repossessions in Spain: A Legal Perspective
My bank have sent me form dacion en pago at my request. Also they asked for last 3 water,elec,community bills,I.B.I.and a deposit to be paid into bank. They did not say how much. My concern is what if there is not enough equity in my property as you have explained above. I purchased nearly six years ago at a very high price from the developer. I have told them the debts on property and asked if they would include this in dacion,will everything be frozen now as I have applied to them or am I still incuring debts.How long does all this take. They say they want to arange a valuer to come can they take my furniture and possesions into account.
Bank Repossessions in Spain: A Legal Perspective
Hello, This forum has been very helpful. I have a similar problem we fell behind with mortgages payments 2 years ago and had emails from the local branch asking us to pay I informed them we couldnt and that we were leaving the property. Since then I have had no contact from the bank at all in 2 years and the local branch has closed. I have contacted the main bank asking what is happening but no response. I returned to the house yesterday and the locks ahve not been chagnged and the only post we have is from a debt recovery company, they are asking for 1700 euros for an outstanding overdraft with the bank who issued the mortgage, but nothing in reagrds to the mortgage. As my wife is not on the nota simple or mortgage could I make a rental aggreement to her so she could live in the property legally incase they do eventually try and repossess it.