Spanish Mortgage

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This topic contains 5 replies, has 5 voices, and was last updated by Profile photo of Anonymous Anonymous 8 years, 8 months ago.

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  • #53792
    Profile photo of Anonymous
    Anonymous
    Participant

    Help!

    I bought a property two years ago.

    I was told by an estate agent that I was an aquaintance of that him and 2 other people were going to buy a block of houses, and as a result the developer was giving a large discount on the properties. When I went along and viewed the house, the developer showed me a prevaluation, on the property that came in significantly higher than the price of the property.

    I bought the property, and since discovered that the valuation was not at all accurate, and in fact I am in negative equity.

    I no longer live in the house (i now live in the UK due to work commitments), but have the house let. The property is a huge drain on resources, and preventing me getting on with my life over here, but i do not have the means (i am in my 20s), nor is there the market to get rid of it.

    The mortgage is with Banco Halifax. Does anyone have any ideas what I could do, and if i were to renege on the mortgage, would that completely ruin my life in the UK?

    Thanks!

    Michael

  • #80172
    Profile photo of Anonymous
    Anonymous
    Participant

    Hi Micheal
    If everthing was legal and it was just a mistake or an error of judgement on your part you will have to take the subject to hand
    Are you paying interest and capital payments,if so perhaps the Banks may let you pay interest only for a while.
    In any event its the Banks you need to be talking too and think you will be one of many thousands
    What ever happens trust me that you life will not be ruined if you learn from past mistakes and look to the future
    YOUR ONLY 20 something plenty of time to bounce back trust me, 😉

    Just Frank

  • #80188
    Profile photo of Inez
    Inez
    Participant

    A little word, if you do decide to not pay the mortgage and let the bank possess, please check what this could mean for you. Many did this in UK 90s (and many are doing now in the UK too!) but didnt declare bancruptcy. Whilst it should be last resort, the status will be removed after a few years and you will not have to worry about a debt agenct knocking on your door in years to come.

    Check your options with an english and a spanish lawyer, as planning now will help you in the long run

  • #80517
    Profile photo of abolex
    abolex
    Participant

    The important question is, do you have a copy of that prevaluation?
    This has been a typical tactic of fraudsters making up false valuations to persuade buyers to buy at low prices… Prices in the end were not that low because the valuations were completely inflated!
    Don’t stop paying, that will be far more expensive than even selling for a loss.
    Good luck.
    Regards

  • #80972
    Profile photo of Anonymous
    Anonymous
    Participant

    I do have a copy of both the prevaluation and the valuation carried out on the property. Do you think that anything can be done? Currently i don’t intend to stop paying the mortgage.

  • #80771
    Profile photo of Anonymous
    Anonymous
    Participant

    I do have a copy of both the prevaluation and the valuation carried out on the property. Do you think that anything can be done? Currently i don’t intend to stop paying the mortgage.

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