mortgage default

LoadingFavourite

This topic contains 4 replies, has 3 voices, and was last updated by Profile photo of Anonymous Anonymous 10 years, 4 months ago.

  • Author
    Posts
  • #52099
    Profile photo of Anonymous
    Anonymous
    Participant

    Due to me losing my job, I have not been able to pay my Spanish mortgage for 5 months

    I was wondering if anyone has any insight into how long the mortgage lenders will let this go on till they decide to re-possess? Is it similar to in England, where they will wait for 6-months or so before taking action?

    I hope to have a job soon, and could possibly continue payments

  • #64499
    Profile photo of Anonymous
    Anonymous
    Participant

    Sorry to hear about your bad news.

    In my experience dealing with baks on the Costa del Sol then regarding defaulting on your loan normally they start to take action within 90 days. However if you have been honest with them from the beginning then they may be more considerate. Have you paid them anything at all as a gesture or defaulted entirely? It may be worth paying some of the mortgage to show good faith.

    Sarah

  • #64501
    Profile photo of Anonymous
    Anonymous
    Participant

    Sorry to hear about your situation.
    I would suggest that you make contact with the lender and advise them of your problem (if you haven’t already done so) so that at least they are aware of it – rather than wait for them to take action.
    Communication can go a long way to avoiding problems – maybe you could offer to make at least some contributions to the repayments by way of a “goodwill gesture” until your financial situation improves. That way they will know you are genuine.
    Good luck with finding employment.

  • #64502
    Profile photo of Anonymous
    Anonymous
    Participant

    Sorry Sarah – posted at same time as you!

  • #64503
    Profile photo of Anonymous
    Anonymous
    Participant

    s’ok Hillybilly. I couldn’t even spell BANK correctly. Must be the Marbella heat numbing my typing fingers this PM.

You must be logged in to reply to this topic.