I live in Vera, Almeria and work full time, fully on the Spanish system for tax and health.
Now, after 5 years, I am struggling to make the mortgage payments, currently have 158,000 outstanding and have about 60,000 negative equity, just switching to a second period of interest only payments for next 2 years.
There is little hope of selling for more than 90,000, even in 2 years time.
I would prefer to sell at 90,000 move to a rental and repay the bank the negative equity without having a re-possession.
Is there any precedent for doing this, I know the bank will not be keen to give such a large unsecured loan, but the difference in the mortgage+IBI+life insurance+house Ins+BASURA+Community fees versus rental expenses would make it quite easy to afford.
Bookmarks