Bank Repossessions in Spain: A Legal Perspective
Can you adivse please.We are undergoing proceedings to have our property repossessed, we had been managing to pay a certain amount of the mortgage but early this year the bank sent burofax to advise re the debt The bank would not make any arrangements to re negotiate our mortgage unless we paid the arrears & costs amounting to 10.000€, if we had that kind of money we would not be in this situation. We had a lawyer try to work things out with the bank but they flatly refused to help. He advised us to stop paying anything as the bank had started re possesion So far all we have had is some papers from the court: procedimiento: Ejecucion hipotecaria
we accept we are going to lose the house as it is only worth about a third of what we owe. We can't seem to find out where we are in the process, do the bank or court have to inform us when it has gone to auction and when we no longer own the property or will someone just turn up to evict us, are we given notice to leave. Would apprciate any advice.
Bank Repossessions in Spain: A Legal Perspective
We have a property in Lanzarote that is in negative equity. 2 years ago we negotiated a payment with the bank where they put a second mortgage on the property - this has now increased our negative equity to £100,000.
We are able to offer the bank about 2.5% interest on the loan with no capital repayments. We have no other assets in Spain or in the UK and so if they do repossess they can only come after future money.
What should we do? Repossess or try and negotiate again (although last time this increased our debt by £20,000 over 2 years!).
Is the bank going to repossess us?
My boyfriend and I bought a house in Spain in 2005 and moved over in 2010. We have had no problems paying the mortgage until this year. We were in arrears ealier this year but managed to pay it off. However we have been unable to pay the mortgage for the past 3 months. We have had no communication from the bank at all and we have not had any letters from them. We have now received a Cedula de Citacion and have to appear in court. We don´t know what they are going to do? Are we going to be repossessed or do we have time to pay off the arrears, as we have heard nothing from them? What are our options as we want to keep the house and can now pay the mortgage payments? If we are too late? What happens now? We have kids will they give us time before we are evicted?
Bank Repossessions in Spain: A Legal Perspective
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Bank Repossessions in Spain: A Legal Perspective
hi, I have just found this forum and it gives some very useful info.
My problem seems similar to many others on here, in that we want to get out of our property in Spain but very likely have negative equity - at the same time, we also want to be sure that our UK assets are secure.
We purchased an apt in Murcia in 2008 with valuation approx €180K, paying approx €40K cash and €140K mortgage with Bancaja (now Bankia) - what are the possibilities to hand the keys back in a controlled manner ?
I have just last week kicked off some initial discussions with the local branch rep on this but she seems (understandably) to not be very interested or helpful, only saying it is very unlikely to be agreed and asking for copies of my P60's, monthly bank accounts, etc as evidence that we cannot pay the mortgage.
Some of the replies on here suggest that some banks may be open to negotiations as obviously it is better for them not to have legal & repossession, etc costs as well, but I toitally understand that they would ideally not want to have the property back on their books.
What if my property was now valued at €100K (not sure if that is reasonable but take it as an example) --> would the bank consider taking the property as full and final settlement. or perhaps I could scrape up say 10 - €20K cash to add to the settlement - are the banks (and Bankia in particular) , amenable to this type of negotiation ? We basically want to get rid of the apt as it is pulling us down and not allowing us to get on with our lives (we cannot sell it or rent it at the moment, our agent has tried hard to do so we think ) - we would really appreciate your advice and guidance on the best way to proceed here.
Thanks
Bank Repossessions in Spain: A Legal Perspective
i have an apartment in the costa del sol and the locks have been changed. i received a letter dated the 22nd october in the uk which arrived on the 7th november 12. I am unable to translate fully but it states i have 15 days. Is this legal for the bank to do this should i have received some paperwork in advance and how can i get my clothes and furniture out of the apartment as they are all i have. Can i break the locks to gain entry.