Jingle keys – (handing back the keys to your home)

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This topic contains 46 replies, has 13 voices, and was last updated by Profile photo of katy katy 6 years, 5 months ago.

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  • #55720
    Profile photo of Anonymous
    Anonymous
    Participant

    Some advice please; maybe some lawyers can help??

    Four of my employees (unskilled workers) got caught up in the frenzied property bubble and bought their flats with 100% loans (dodgy valuations arranged by agents/ valuers/ bank managers etc) – three years later the property value has halved, they’re in arrears (partner unemployed but no dole as crappy employment contract) – the banks have advanced them more money to pay off the arrears and offered them interest only payments for a year or so !!!

    they want out as they know the value of the property is approx €130,000 and loan outstanding is €220,000 …. wife is unemployed and probably unemployable for next five years so they cannot pay even the interest!!!!!!!!

    what can they do?? hand the keys back??? they don’t want the flats; easy to say tough luck but in common with millions of working class Spaniards and immigrants they were conned/ fell into the trap of thinking life was that simple??????????

    anyway, any constructive advice welcome!!

    ubeda

  • #99387
    Profile photo of Anonymous
    Anonymous
    Participant

    They can try, I beleive its called “suspension of Pagos” this way the bank accepts the keys & does not get chased by the lender. However I think the Bank only does this where there is some equity.

    This may not be the solution, at least a start & lets see whats other forum users have to say.

  • #99388
    Profile photo of Anonymous
    Anonymous
    Participant

    @UBEDA wrote:

    Some advice please; maybe some lawyers can help??

    Four of my employees (unskilled workers) got caught up in the frenzied property bubble and bought their flats with 100% loans (dodgy valuations arranged by agents/ valuers/ bank managers etc) – three years later the property value has halved, they’re in arrears (partner unemployed but no dole as crappy employment contract) – the banks have advanced them more money to pay off the arrears and offered them interest only payments for a year or so !!!

    they want out as they know the value of the property is approx €130,000 and loan outstanding is €220,000 …. wife is unemployed and probably unemployable for next five years so they cannot pay even the interest!!!!!!!!

    what can they do?? hand the keys back??? they don’t want the flats; easy to say tough luck but in common with millions of working class Spaniards and immigrants they were conned/ fell into the trap of thinking life was that simple??????????

    anyway, any constructive advice welcome!!

    ubeda

    Tell them that there are millions jingle mailing the keys in USA.

    In principle the situation in Spain is different but the banks won’t be able to chase all the hundreds of thousands who were conned and return the keys to where they belong. In their situation, those people have nothing to lose, they just learned a lesson in economy… Maybe…

  • #99392
    Profile photo of katy
    katy
    Spectator

    Yes just walk away and look at it as they have had a rent free property. Seems the bank puts on massive charges for arrears so they just can’t win. I doubt they would chase but even if they do they have to sell the place first to prove how much loss they were hit for. By the time it is sold they could have well covered their tracks. Those surcharges the spanish banks put on for arrears would count as unfair terms and conditions in a UK court, would be thrown out….unless they are planning to stay in Spain?

  • #99395
    Profile photo of Anonymous
    Anonymous
    Participant

    well, yes they are staying in Spain !! so how can they turn their backs on an underwater mortgage/flat ???

  • #99396
    Profile photo of petej
    petej
    Participant

    You realy do need to take legal advice as mortgage debt is often treated different to other loans,

    Don’t think its that simple to just walk away, I know in the UK mortgage lender has up to 12 years to try and claim the debt and knowing two people this has happened to they give it 11 years or so before they knock at your door after the money with interest, it give you time to sort yourself out and get on your feet again so they have something to take!

  • #99397
    Profile photo of petej
    petej
    Participant

    This may help, it would seam you can be pursued up to 20 years for the debt and that time starts each time the bank contacts you,

    This may well be the reason that no one knows of anyone going back to the UK after handing back there keys being pursued for the money, they will do the same as the UK i guess and give it plenty of time for you to get some money together

    http://belegal.com/articles/showArticle/home-repossessions-in-spain-defaulting-on-mortgage

  • #99398
    Profile photo of Anonymous
    Anonymous
    Participant

    @petej wrote:

    You realy do need to take legal advice as mortgage debt is often treated different to other loans,

    Don’t think its that simple to just walk away, I know in the UK mortgage lender has up to 12 years to try and claim the debt and knowing two people this has happened to they give it 11 years or so before they knock at your door after the money with interest, it give you time to sort yourself out and get on your feet again so they have something to take!

    This is the theory.

    The reality is/will be totally different. We are talking about unskilled workers who are staying in a property for which they pay interest only mortgage which is probabbly twice as much as the rent they would pay on the open market. There are thousands and thousands of them. Considering they gain about 15K Euros
    per year, it would take about 20-30 years to repay the lost equity to the bank (and still remain with nothing at the end). Banks are not stupid, they will know it is not worth pursuing the conned poor…

  • #99399
    Profile photo of petej
    petej
    Participant

    @flosmichael wrote:

    @petej wrote:
    You realy do need to take legal advice as mortgage debt is often treated different to other loans,

    Don’t think its that simple to just walk away, I know in the UK mortgage lender has up to 12 years to try and claim the debt and knowing two people this has happened to they give it 11 years or so before they knock at your door after the money with interest, it give you time to sort yourself out and get on your feet again so they have something to take!

    This is the theory.

    The reality is/will be totally different. We are talking about unskilled workers who are staying in a property for which they pay interest only mortgage which is probabbly twice as much as the rent they would pay on the open market. There are thousands and thousands of them. Considering they gain about 15K Euros
    per year, it would take about 20-30 years to repay the lost equity to the bank (and still remain with nothing at the end). Banks are not stupid, they will know it is not worth pursuing the conned poor…

    I am sure that will be the case with some but not all, the worst thing is you will know nothing about it untill they knock at your door and as i have seen in the UK you know hothing about it untill then, you think your life is going ok and bang 😯

  • #99400
    Profile photo of Anonymous
    Anonymous
    Participant

    @petej wrote:

    @flosmichael wrote:
    @petej wrote:
    You realy do need to take legal advice as mortgage debt is often treated different to other loans,

    Don’t think its that simple to just walk away, I know in the UK mortgage lender has up to 12 years to try and claim the debt and knowing two people this has happened to they give it 11 years or so before they knock at your door after the money with interest, it give you time to sort yourself out and get on your feet again so they have something to take!

    This is the theory.

    The reality is/will be totally different. We are talking about unskilled workers who are staying in a property for which they pay interest only mortgage which is probabbly twice as much as the rent they would pay on the open market. There are thousands and thousands of them. Considering they gain about 15K Euros
    per year, it would take about 20-30 years to repay the lost equity to the bank (and still remain with nothing at the end). Banks are not stupid, they will know it is not worth pursuing the conned poor…

    I am sure that will be the case with some but not all, the worst thing is you will know nothing about it untill they knock at your door and as i have seen in the UK you know hothing about it untill then, you think your life is going ok and bang 😯

    OK, if one has other property in Europe, then the situation changes.

    But we are talking here about unskilled workers who would have never been able to purchase property at inflated prices if the banks wouldn’t have conned them.

  • #99410
    Profile photo of Anonymous
    Anonymous
    Participant

    thanks for that guys; just trying to get a legal answer for my poor staff as they really are quite ill with fear and regret!!

  • #99412
    Profile photo of Chris McCarthy
    Chris McCarthy
    Participant

    @UBEDA wrote:

    thanks for that guys; just trying to get a legal answer for my poor staff as they really are quite ill with fear and regret!!

    They can’t send them to prison.

    They can only ask that a proportion of any wages be embargoed and then only over a certain amount and percentage, so…

    I don’t think there is a huge problem here, beyond them not being able to get future credit or mortgages which it sounds like they won’t want anyway.

    In the UK, these days that is just easy, you go declare yourself bankrupt and you are discharged in six months, and zero stigma involved today, I would be interested to know how that works in Spain though, can one become a bankrupt and have one’s debts discharged as in the UK?

    Surely these people can’t be hounded for ever and a day, again, it was the banks at fault here for making the stupid, i would say criminal loans really.

  • #99413
    Profile photo of Anonymous
    Anonymous
    Participant

    @UBEDA wrote:

    thanks for that guys; just trying to get a legal answer for my poor staff as they really are quite ill with fear and regret!!

    surely if they hand the keys back and the bank does come after them and win they will only have to pay what they can afford after
    living expenses,so they will be better off than they are now anyway

  • #99414
    Profile photo of petej
    petej
    Participant

    @flosmichael wrote:

    OK, if one has other property in Europe, then the situation changes.

    But we are talking here about unskilled workers who would have never been able to purchase property at inflated prices if the banks wouldn’t have conned them.

    I take your point talking about unskilled workers on low pay but what i am trying to put across is that debt is very real, its not just a case of sling the keys back and all will be ok, sometime yes but often no, it seams like some are saying “what can they do” and we all know they can make like very miserable indeed

  • #99420
    Profile photo of peterhun
    peterhun
    Participant

    @petej wrote:

    This may help, it would seam you can be pursued up to 20 years for the debt and that time starts each time the bank contacts you,

    This may well be the reason that no one knows of anyone going back to the UK after handing back there keys being pursued for the money, they will do the same as the UK i guess and give it plenty of time for you to get some money together

    http://belegal.com/articles/showArticle/home-repossessions-in-spain-defaulting-on-mortgage

    That article implies that handing back your keys in the UK and US is easy, not so in the UK – they can peruse you for the debt for many years. And only certain states in the USA allow jingle mail, not all.

    Going bankrupt in the UK will also debar you from many forms of employment and probably prevent you getting credit in future.

  • #99424
    Profile photo of Anonymous
    Anonymous
    Participant

    @Chris McCarthy wrote:

    @UBEDA wrote:
    thanks for that guys; just trying to get a legal answer for my poor staff as they really are quite ill with fear and regret!!

    They can’t send them to prison.

    They can only ask that a proportion of any wages be embargoed and then only over a certain amount and percentage, so…

    I don’t think there is a huge problem here, beyond them not being able to get future credit or mortgages which it sounds like they won’t want anyway.

    In the UK, these days that is just easy, you go declare yourself bankrupt and you are discharged in six months, and zero stigma involved today, I would be interested to know how that works in Spain though, can one become a bankrupt and have one’s debts discharged as in the UK?

    Surely these people can’t be hounded for ever and a day, again, it was the banks at fault here for making the stupid, i would say criminal loans really.

    Chris is this last paragraph written with hindsight or as some would say that agents knowingly aided and abetted the banks in regard to these “criminal” loans???

  • #99426
    Profile photo of Anonymous
    Anonymous
    Participant

    Being, bankrupt in UK, may not allow you frensh credit cards but your existing card limit will be reduced to £500.

  • #99434
    Profile photo of Chris McCarthy
    Chris McCarthy
    Participant

    @vilprano wrote:

    Chris is this last paragraph written with hindsight or as some would say that agents knowingly aided and abetted the banks in regard to these “criminal” loans???

    I wouldn’t doubt that some agents would have sought here and there to arrange loans that were dodgy – criminal no doubt, in collusion with “independent” brokers I would imagine.

    But my main thrust would be the absolute insanity, of pulse, passport and mortgage loan approvals. It used to be in Spain, that a mortgage was an almost impossible thing to get, and if you did, you got 40% and it was on a genuine valuation, so the bank always had equity.

    Agents didn’t decide to just lend money to literally anyone and everyone, to lend it at 80% of the sale price, without checking that the sale price was viable.

    The banks threw all their criteria and the most basic banking rules, into the bin, in an absolute mad crazy lending binge to end them all.

    And they all all should have been lined up and jailed for doing so, but at every single strata of the entire financial community the madness had fed to every nook and cranny, that is why prices exploded, and the world went over the edge.

    Not agents criminally abetting the banks, the banks did it all themselves.

  • #99437
    Profile photo of katy
    katy
    Spectator

    I knew a smallish agent who sold lots of properties by obtaining 100% mortgages, in some cases 110% 😯 My Daughter sold hers through him, was about the only clients she got! When he came to list the property his only concern was plot and build size to qualify for high mortgage.

    Have to say I don’t have a lot of sympathy for people who take out 100% mortgages.

  • #99438
    Profile photo of Anonymous
    Anonymous
    Participant

    100% mortgages can be OK if you are buying at the bottom of the market and/or you expect your income to increase substantially in the near future.

    I personally will not take out one. However every case is different.

  • #99439
    Profile photo of Anonymous
    Anonymous
    Participant

    The whole handing back the keys doesn’t work in Spain because you personally guarantee the debt, unlike in the US.

    There are a couple of posts hear that sound right; given your employees situation a rational bank would have to think twice about their likelihood of collecting, but I’d do them a real favour and get thee to a specialist buffete that has no obvious conflict of interest. Try http://www.konsilia.es and good luck.

  • #99441
    Profile photo of katy
    katy
    Spectator

    Well you would say that wouldn’t you 🙄 Methinks a lot of scaremongering going off and most of it from people who have most to gain by offering their services (don’t throw away even more money) or people who have read said advice and are not as cynical as I.

    I would try to negotiate with my bank but even a change in mortgage condtitions can cost a few thousand euro! Thinking about it if I were in a situation with no equity I would carry on living in the place, stop paying the mortgage (save it). I believe that it can take months or even years to evict someone through the courts.

  • #99446
    Profile photo of Chris McCarthy
    Chris McCarthy
    Participant

    @katy wrote:

    Thinking about it if I were in a situation with no equity I would carry on living in the place, stop paying the mortgage (save it). I believe that it can take months or even years to evict someone through the courts.

    Heaven help me, but that is the exact advice I gave someone myself not so long ago, and no I wouldn’t go paying money to more lawyers on top.

    No one is going to prison for not paying their mortgage and certainly not for one that should never have been given in the first place. It is the banks problem now.

    I hasten to add, this was to someone who is on minimum wage, has no assets whatsoever and is unlikely to see their position change in the near future without a lottery win.

  • #99456
    Profile photo of Anonymous
    Anonymous
    Participant

    The madness has either never gone away, or has started up again. I know a local agent, a recent start-up, who is unbelievably busy. He directs clients to a nearby bank and mortgages of well over 100% are the norm, along with some clever manipulation of the application forms etc etc., just like before.

    The pent up demand from northern Europe for the Spanish sun is as strong as always and the recent recession has been forgotten. I’m witnessing the poorly paid and even unemployed going for the cheap rubbish out there, but also the dreamers buying villas, and all properties are still falling in value.

    The new buyers remind me of the wagon trains heading for California, nothing on earth will stop them from pursuing their dream. Every sad face at the airports heading home is replicated by smiling optimism coming the other way.

  • #99457
    Profile photo of Anonymous
    Anonymous
    Participant

    I read a post on another forum about a guy, living in the UK who was out of work and could no longer afford to pay his Spanish mortgage. He asked for advice. Somebody replied who works for a Spanish bank. He wrote:

    If nothing works then do a “dacion en pago” which means that you are giving up the property because you realistically cannot afford it. To do so you will need to proof them that you are out of work and you’ve got no money left on the bank account for the mortgage.

    Before you do anything really, think twice because you WILL loose all the money you have already invested in your dream and that is a shame. If you think there is a small possibility to make it work do it. Do not just give up because you will never, ever get a mortgage in Spain, ever, ……..

    This bit was alarming though.

    not only that. Spanish banks now have access to Experian and you may have trouble in the UK

    Does this mean a Spanish debt would/could jeopardise a UK credit rating?

  • #99458
    Profile photo of Anonymous
    Anonymous
    Participant

    And in ten years time, some of those smiling arrivals will be posting on a forum like this, bemoaning their treatment at the hands of agents, developers and banks and all the others who have spoilt their dream in the sun. And nobody is going to listen, just like now.

  • #99459
    Profile photo of katy
    katy
    Spectator

    I wouldn’t trust information from someone who doesn’t know the difference between lose and loose 😉

    How is it they can chase someone to the ends of the Earth for a few thousand but can’t nail developers and agents who have buggered off with millions ❗ 🙄

  • #99460
    Profile photo of katy
    katy
    Spectator

    @Rocker wrote:

    The madness has either never gone away, or has started up again. I know a local agent, a recent start-up, who is unbelievably busy. He directs clients to a nearby bank and mortgages of well over 100% are the norm, along with some clever manipulation of the application forms etc etc., just like before.
    .

    I find this hard to believe. CDS buyers are having to jump through hoops to borrow even 80%. Our buyer, spanish relative and an eye specialist waited months for a decision, he only got 80% and had to use his family’s business as an extra guarantor. The bank also came and did a full valuation. A friend who sold to a Norwegian said they were only able to borrow 75% and the valuation came out higher than the sale price!

  • #99461
    Profile photo of Anonymous
    Anonymous
    Participant

    Could it be that the rest of Spain is appalled by what has happened around Marbella in recent years and is applying extra checks on anything to do with the place? The mention of the name is immediately linked to corruption, the Spanish refer to spurious activity in general life as the Marbella factor, or the Marbella mafia.

    I’m surprised that the banks in Malaga lend against property at all.

  • #99462
    Profile photo of katy
    katy
    Spectator

    As I have said before Marbella is safer than any other area where the British are buying. They now have a new PGOU, signed and sealed by the Junta and almost everything has been legalised..

  • #99463
    Profile photo of Anonymous
    Anonymous
    Participant

    I’m sorry, but that is ridiculous. There are tens of thousands of illegal properties around the area and the latest attempts by the Junta to legalise them is to offer the unfortunate owners time to pay for the legalisation process, as most are unable to raise the necessary sums by a one off payment.

  • #99465
    Profile photo of katy
    katy
    Spectator

    You maybe mixed up with Chiclana….aren’t you the one who criticised this forum for negative posts ❓ Now you want to rubbish the truth, all is not legal except your part of the costa blanca…………hmmmmmmmmmmm 😆

  • #99468
    Profile photo of Anonymous
    Anonymous
    Participant

    @katy wrote:

    You maybe mixed up with Chiclana….aren’t you the one who criticised this forum for negative posts ❓ Now you want to rubbish the truth, all is not legal except your part of the costa blanca…………hmmmmmmmmmmm 😆

    My part of the Costa Blanca has suffered just as many problems as the rest of Spain where the expat communities have congregated, but nowhere near the scale of Marbella.

    I don’t remember commenting on the number of negative posts, this forum seems to be well balanced and realistic and I wouldn’t dream of criticising long established members, but I did notice, in the passing, that some comments because of bitterness from negative experiences seem to dominate some threads.

    To combat any mistaken conception of what I’m about, I can only say that I love Spain, warts and all, and a return to the UK fills me with absolute dread. I’ve just come out of the swimming pool and it’s too hot for my liking, but the extreme heat only lasts for another two months and I’ve got a holiday in cool Suffolk to look forward to.

  • #99476
    Profile photo of Chris McCarthy
    Chris McCarthy
    Participant

    @Rocker wrote:

    I’m sorry, but that is ridiculous. There are tens of thousands of illegal properties around the area and the latest attempts by the Junta to legalise them is to offer the unfortunate owners time to pay for the legalisation process, as most are unable to raise the necessary sums by a one off payment.

    It was not ridiculous, and Katy is entirely accurate.

    There are a handful of properties that are now illegal in the Marbella area, almost certain also that none of those fully built will ever be demolished and Katy was also entirely correct that Marbella is the safest place to buy in Spain for anyone today.

    Would that it had never been necessary for Marbella to have gone through what it has, so that we take some sad level of satisfaction in its status today, but am afraid you are making yourself ridiculous by telling Katy, who has had her finger right on the pulse of Marbella for longer than anyone I think on this forum, that sorry she is ridiculously wrong.

    You are indeed so wrong as to be ridiculous, gosh, be careful what statements you make as fact, and have you been following the forum for long, everyone knows that Marbella has no more illegal property issues.

  • #99479
    Profile photo of Anonymous
    Anonymous
    Participant

    I don’t know, here we have people who have lived on the CDS, as I have, who are now living elsewhere and have been for years, posting comments that are well out of date.

    To suggest that Marbella is the safest place to buy in Spain is ludicrous.

    It never was and never will be. The level of corruption is unsurpassed in modern times, from top to bottom, from UK entrepreneurs to the Russian mafia.

    How can I explain my assertion to combat ignorance?

    The Malibu apartments built on Sean Connery’s land are illegal, 70 of them, valued at £2M pounds a piece.

    The Junta can’t legalise them, it’s impossible, planning permission was granted for four houses on the plot. They can jail the people easily recognisable, but it won’t solve the problem.

    I’m sorry, when I come across something that is plainly daft, I can’t keep my mouth shut.

  • #99480
    Profile photo of Chris McCarthy
    Chris McCarthy
    Participant

    @Rocker wrote:

    I’m sorry, when I come across something that is plainly daft, I can’t keep my mouth shut.

    Oh dear, it was you who said, I believe, that there were tens of thousands of illegal properties around Marbella, that IMHO was daft, and ridiculous in fact, so as politely as I can put it… you do probably need to keep your mouth shut, because it doesn’t seem you can even follow your own argument.

    It was YOU said tens of thousands, jeeze louise! Then you mention 70, and am not even sure what their position is in the PGOU, they might even be legal and it be a case of fraud and corruption only, well I know only is not the best term to use.

    Where are the tens of thousands of illegal properties that exist and therefore say – yes, Katy and myself included now, are being ridiculous.

    I took me years to – think before I posted – on this site, I still haven’t mastered it, but Angie got me posting less voluminously, and that is even when she says things that dig me in the ribs and get my gander up.

    But at least when she posts, she is usually right with her facts and spot on the issues.

    You are neither at this moment.

  • #99481
    Profile photo of katy
    katy
    Spectator

    Illegal properties in marbella could be counted on one hand. I would have complete confidence in buying there…….why, because everything is now transparent, you could find out in less than an hour which are illegal. The important factor is that everyone knows which are illegal, not so in other areas. Marbella can only go up, may take some time but it is now on track!

  • #99483
    Profile photo of Anonymous
    Anonymous
    Participant

    I still travel down to Marbella on a regular basis, it’s not very far away. My former Spanish business partner still operates there, and I usually meet up with my former abogado as well. We always have a good laugh remembering the time I tried to pay the abogado by cheque.

    Both agree that the Junta cannot possibly legalise the illegal properties, just about anything built in the last 20 years, even the police station. Central government has done its best, but those old boys in Seville are still in place, and they hate the name Marbella, it has caused them too much trouble in the past, and across the whole of Andalucia there are tens of thousands of illegal properties.

    They can hardly start bulldozing fincas in Chiclana and elsewhere and leave the luxury apartment blocks in Marbella in place, those apartments are more illegal than the all the little fincas put together.

    Nothing is going to be bulldozed, the Junta don’t have the money, and they don’t have the power to legalise something that is illegal, it would need a change of the law at national level.

  • #99485
    Profile photo of rt21
    rt21
    Participant

    “Nothing is going to be bulldozed, the Junta don’t have the money, and they don’t have the power to legalise something that is illegal, it would need a change of the law at national level”

    Whilst I would be inclined to agree with you that the Junta would not have the authority to legalise any building that infringes the national “Coastal Law” of 1988, I was under the impression that the Junta has the power to legalise other illegal buildings because they are the responsible body for approving the urban plans of the ayuntamientos. Planning matters generally rest with the Regional Authorities.

    Richard

  • #99488
    Profile photo of katy
    katy
    Spectator

    The junta have the power and they have done it….nearly every illegal building legalised at the stroke of a pen. Banks are giving mortgages on buildings where they were frozen before.

    Rocker you seem to rubbish every part of Spain except your own area, are you by any chance a property agent trying to bad mouth the opposition 😆

  • #99489
    Profile photo of Anonymous
    Anonymous
    Participant

    @katy wrote:

    The junta have the power and they have done it….nearly every illegal building legalised at the stroke of a pen. Banks are giving mortgages on buildings where they were frozen before.

    Rocker you seem to rubbish every part of Spain except your own area, are you by any chance a property agent trying to bad mouth the opposition 😆

    Blimey, with the sound of vuvuzelas ringing in my ears, and fireworks going off all around because Spain has just beaten Paraguay, I’m reminded that I’ve lived in this marvellous country for 22 years, the first six years in Marbella.

    I wouldn’t criticize an inch of it, and I’m not an agent of any sort; I can’t stand those diabolical hypocrites who have made money from selling dreams to their fellow countrymen, knowing that they were lying.

    I’m also not keen on the distracters who have lived in Spain previously and came unstuck for some reason, perhaps because of their own stupidity, and now post negative nonsense at every opportunity.

  • #99490
    Profile photo of katy
    katy
    Spectator

    What is negative about almost everything in marbella being legalised…is this what you didn’t want to hear 😕 Not nonsense at all, read the spanish press..if you can.

  • #99491
    Profile photo of Anonymous
    Anonymous
    Participant

    Read the Spanish press if you can? After 22 years in Spain?

    I think you’re a bit of a silly person, posting silly comments.

    .

  • #99492
    Profile photo of katy
    katy
    Spectator

    Not as silly as stating that the junta de andalucía cannot legalise marbella properties. 22 years and you keep mentioning your “pool” and “hot weather”, comes as part of the every day routine after a few years in Spain. Why not try to get back on topic instead of posting personal insults 💡

  • #99493
    Profile photo of peterhun
    peterhun
    Participant

    @Claire wrote:

    I read a post on another forum about a guy, living in the UK who was out of work and could no longer afford to pay his Spanish mortgage. He asked for advice. Somebody replied who works for a Spanish bank. He wrote:

    If nothing works then do a “dacion en pago” which means that you are giving up the property because you realistically cannot afford it. To do so you will need to proof them that you are out of work and you’ve got no money left on the bank account for the mortgage.

    Before you do anything really, think twice because you WILL loose all the money you have already invested in your dream and that is a shame. If you think there is a small possibility to make it work do it. Do not just give up because you will never, ever get a mortgage in Spain, ever, ……..

    This bit was alarming though.

    not only that. Spanish banks now have access to Experian and you may have trouble in the UK

    Does this mean a Spanish debt would/could jeopardise a UK credit rating?

    Yes, we are in a single market.

    I’ve heard of people being pursued in Thailand for UK credit card debts. A Spanish bank would have no problem operating in the UK.

  • #99494
    Profile photo of Anonymous
    Anonymous
    Participant

    “Dacion de pago” does exist as a friend of mine had done it. The criteria has to met and one can guess its in favour of the Banks, i.e. one should not be in arrears, gastos de communidad is upto date. enough equity for the bank etc.

  • #99495
    Profile photo of katy
    katy
    Spectator

    Where is the link/proof of this? discounting the sites who have a commercial interest in scaremongering. There seems to have been no court cases in the UK. and I am sure thousands have already done a bunk.

    Yes Shakeel it does exist but the conditions exclude most people as they get into arrears first.

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