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Thread: Home Repossessions in Spain: A Legal Perspective

  1. #1
    wwyavrfccv
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    Default Home Repossessions in Spain: A Legal Perspective

    This is the discussion thread for the article Home Repossessions in Spain: A Legal Perspective

  2. #2
    Mrs Haynes
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    Default Home Repossessions in Spain: A Legal Perspective

    I understand the implications of reposeesion & I'm currently not in arrears, however I'm struggling to find ANYBODY who will speak English in my Spanish bank to try and help with altrernatives before I fall behind with the mortgage payments.

  3. #3
    Senior Member
    Join Date
    Oct 2008
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    139

    Default Giving the property to the bank

    Hello Mrs. Haynes,

    What should ideally happen is that the property is transferred to the bank against payment of the debt and so the bank would then own the property and the mortgage would be fully settled, ensuring that there will be no comeback.

    If you believe you will not be able to keep the payments up to date you would need to talk to them to advise them that you may not be paying the mortgage any longer and it is in their interest to take the unit directly from you as opposed to having to go through a repossesion procedure.
    Antonio Flores
    Abogado/Lawyer
    Lawbird Legal Services | Contact Me
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  4. #4
    J.Adcock
    Guest

    Default Home Repossessions in Spain: A Legal Perspective

    I currently own property where my ex partner wont pay there part of the mortgage and wont let me sell the property is there anything I can do?Her name is on the mortgage and the escitora there is also a third party on the mortgage but not the escitora.

  5. #5
    MRS Johnson
    Guest

    Default Home Repossessions in Spain: A Legal Perspective

    we are finding it hard to pay our spanish morgage,we moved back to england 1 year ago,and am trying to sell it ,we put alot of our own money in it now the house is only worth 150,000e what should we do should we just cut and run or what im unsure as to what to do?????we have definatly lost the money we put into it,the whole time in spain has just been the biggest mistake we have made.manythanks

  6. #6
    Mr Morgan
    Guest

    Default Home Repossessions in Spain: A Legal Perspective

    We have been tring to contact our mortgage provider, Caja Murcia, but with out success.
    I have phoned and E Mailed but with out any reply.
    I have phoned again and spoken to someone who took my number and promiced to phone back, but never did.
    Can you suggest a way we can formally contact out bank.

  7. #7
    Senior Member
    Join Date
    Oct 2008
    Location
    Marbella
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    1,095

    Default

    Dear Sir,

    No I’m afraid none other than sending them a registered letter (dubbed “burofax” in Spanish) addressed to the bank’s branch where you have set your mortgage repayments with acknowledgement of both receipt and content.

  8. #8
    mr willett
    Guest

    Default Home Repossessions in Spain: A Legal Perspective

    we are not behind with our spanish morgage however we owe the back 60.000 euros but it will not sell for this bear in mind we paid £23.0000 into this property as a deposit. we can not aford the 520euro morgage per month now ! as i have lost my job can you please give us some advice. could we just give the keys back to the bank ! we are in rented property at present , would this affect us getting a uk morgage later on. thanks

  9. #9
    Fraught and distressed
    Guest

    Default Bank Repossessions in Spain: A Legal Perspective

    We have been speaking to our back but as the remainning 5% of the mortgage was covered by an insurance company they state that they are incapable of doing anything for us.

    We seem to be chasing the bank in order to resolve the issue, and receiving nothing in return.

    Is it advisable to wait until they reposess, or instigate the proceedings?

    If the house at auction falls into negative equity, and we owe the bank, (is it true that this would effect us in our home coutry?) would we have to declare ourselves bankrupt, and what are the legal implications here?

    If anyone can assist!!!

  10. #10
    Senior Member
    Join Date
    Oct 2008
    Location
    Marbella
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    1,095

    Default

    Dear Sir/Madam,

    As per my article yes banks can legally chase you in your home country for the outstanding balance as you are held personally responsible of the loan you accepted.

    As per art 1911 of our Spanish Civil Code the responsibility is unlimited and you will respond with all your current and future assets.

    Will your bank pursue you if after the repossession procedure you are left heavily in negative equity? I have no idea.

    For Spanish banks to pursue you abroad is an expensive procedure so its not all that easy for them. That is why I imagine -being practical as banks are- many will sell off the debt to local debt collecting agencies for a nominal value and waive long and protracted procedures.

    Because one thing is what the laws says and another very different is how things really work in practice.

    Besides, will UK Authorities sit idly whilst our banks seize dozens of thousands of properties in the UK leaving owners homeless?

    Its up to the lender to initiate the repossession procedure.

    Regards,

    Raymundo Larraín Nesbitt

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