Bank Repossessions in Spain: A Legal Perspective
I have a friend who has/ had 2 property’s in Spain both of these has not had any mortgage payment made for over 2 years now, They have tried to sell one of the property’s to clear a large amount of the outstanding mortgage but the bank blocked the sale saying all or nothing. The second property was never finished by the developer as they went bust taking the up front money with them.
There has been very little communication from the bank regarding the outstanding debts. Reading your post’s this seems a bit strange when you consider the time that has past since any payment has been made.
You say that the Spanish banks will take action in the UK to reclaim any outstanding amount, this now hits another point. My friend’s house in the UK was also in mortgage arrears and was repossessed middle of last year. Both her and her partner have separated financial problems being one of the causes for the separation
Nether my friend or her ex partner have any valuable belongings, she is in rented accommodation and her partner is now living with his mother. There is outstanding debt in the UK for the repossessed property plus additional unsecured debts that where run up.
Nether one of them shot of a lottery win or similar are or will be in a position to make repayments to ether the British or Spanish creditors.
The question is how long can the proceedings go on for, what happens if payment can not be meet??
Thanks
Jon
Bank Repossessions in Spain: A Legal Perspective
Thanks for your help your info is very helpfull.
One other thing that concerns me is what would happen if i was to treat my friend to a holiday in spain, is the fact that a debt and court procedings are outstanding going to be picked up at pass port control ? would she be taken to the nearest police station / court to answer questions on the matter?
Thanks again Jon
Bank Repossessions in Spain: A Legal Perspective
We are now 4 payments behind on our mortgage in the Canaries. The bank has said they need at least 2 payments to stop the file going to the legal dept. We have struggled with the mortgage for just over a year. We have been in contact with the bank via e-mail throughout this, often telling them how much and when the money will arrive. The problem is we stopped paying communidad to try and keep up the mortgage payments, we now also owe €5000 communidad and cannot meet any payments with the bank. If the bank refuse to let us hand the keys back what is the best course of action we should take? Kind Regards
Bank Repossessions in Spain: A Legal Perspective
We are currently having our home repossessed in spain we have children. Can we legally be evicted.
many thanks