Yes, I think a lot of people that see no way out or upside to there problem will just walk away, I remember lots of people doing that in the uk circa 1992, just handing the keys back to the mortgage lender. The lender had to try and recover any debts within six years otherwise it was written off, think this has changed now though.
As Inez has always told us the repossion culture with Spanish mortgage lenders seems to have been quite different with debters being given much longer to come up with missed payments or a solution to arreas, given the worldwide cerdit crunch this has now changed
Its actually quite an interesting subject, how many do you reckon placed deposits for off plan during 2003/4 that will now just walk away, and what impact will this have on the already fragile Spanish market.
Quite clearly it will have a huge impact, but mostly on the 2b 2b apartments that are standing empty in there thousands, but has ive said before WHY ARE THEY STILL BUILDING, these builders are not fools they must have a plan b.
Frank, been out to Mabella this weekend, nothings changed, I still cant find a bargain, talk about a 20-30% reduction an you are quickly shown the door,
Sorry my spell check has gone to bed,she not happy!