Bank Repossessions in Spain: A Legal Perspective
Thank you for a very helpful, useful and interesting site. We are having serious problems paying our mortgage and have learnt a lot from reading the above comments. It would appear that our first step should be to contact our bank.
Bank Repossessions in Spain: A Legal Perspective
Hi"
I have been asking the bank now for some month,s to take back the keys to my apartment.
My partner dyed last year with cancer and left no will, the mortgage was in both names ,i now canot afford to keep the mortgage paid anymore i have for the last year but now all the funds have run out,
the bank seam reluctent to answear me as they seam to want me to inhearet my partners half and pay tax on it !
surly this is not wright as we where not married,
the bank put me in touch with an est agent they use and he could get the place sold for the outstanding mortgage but it all stopped when they said it needs to be singened over to some one befor they could continue,
surley if there is no will and testement left the property go,s back to the bank automatically!
i have now fallen into my first month of arrears for the apartment and am asking them to take the keys back NOW"
but they do not respond even to this,
Bank Repossessions in Spain: A Legal Perspective
Hi Raymundo, thank you for your kind response. I wrote to my bank requesting they consider a dacio en pago. Within a couple of weeks they have confirmed that they will take my property back and cancel my mortgage. My balance is around 77.000 euros and property value around this value as well.
They have advised that they want to move quickly, carry out a valuation, and have already prepared the paperwork for the notary. I've told them that my mother is going to Spain on 10th February and that she will act as my power of attorney.
I'm very pleased, but also surprised how fast everything is moving. I wanted your opinion - does this look correct to you ?
Best wishes, Jan.
Bank Repossessions in Spain: A Legal Perspective
I forgot to ask Raymundo, are there normally any additional charges that you are aware of to carry out the dacio en pago ? Thank you again for your help.
Bank Repossessions in Spain: A Legal Perspective
Hi Marcelo, thank you for your response. I'll email you further. Kind regards, Jan.
Bank Repossessions in Spain: A Legal Perspective
I rented an apartment from a developer who was responsible for finding tennants as they offered the owner a rental guarantee when he bought, however the developer did not pass on my rents to the owner of the property and then the developer went bust. The owners lawyer would not agree to me renting direct from the owner as the owner is in arrears with his mortgage and the property will be repossessed. i have been to see the bank who are keen for me to buy the property on a rent to buy deal however they will not accept any rental payments. The owners lawyer has contacted me saying i must start to pay the owner but i am aware that the property is going to be repossessed and also i have no legal agreement with the owner, please advise.