During December people can be forgiven for assuming financial institutions slow down and look forward to the following year. But in EU Property Solutions experience in December 2017 we found Spanish lenders being proactive in Negative Equity cases, eager to finalise the matter before the New Year.
We achieved two excellent settlements with Spanish lenders and also a Portuguese settlement was achieved in the two weeks up to Christmas.
On top of this a further two settlements have been agreed but unfortunately Bank representatives were unable to meet with a Notary to sign the relevant documentation prior to Christmas but we expect these cases closed in the coming days.
Settlement 1:
• Property located on a Golf Development on Costa Brava.
• Balance owing to Spanish Lender €180,000
• Couple owned their own home outright in the United Kingdom and also received a pension lump sum and were concerned with regards to their assets being under threat.
• With the property being in Negative Equity it was becoming a financial drag and the promised rental yield was never achieved. Furthermore, the mortgage product was moving to repayment and the monthly payments would treble in October 2018.
• Initially, the couple opted to use their Lawyer in Spain to deal with the Negative Equity property, unfortunately as we frequently see, a misunderstanding of the process meant the bank rejected their application.
• EU Property Solutions in the UK, and their legal team in Spain, used their excellent relationship with the lender to achieve a significant debt write off in just 2 months.
• In this instance we saved our clients €94,000+.
Settlement 2:
• Property located in the Valencia region.
• Balance owing to Spanish lender €190,000, and the property was valued at just €90,000
• The retired couple where concerned with the significant debt they owed, and also one party was suffering ill health.
• Our clients owned their UK home outright.
• In 4 months EU Property Solutions successfully settled the case and saved our clients €84,000.
These cases progressed quickly due EU Property Solution’s knowledge of the processes each individual bank uses, and ensuring the clients provide relevant and accurate information.
When packaged correctly settlements can progress quickly with incredible results whilst ensuring their UK position is considered and protected.
If you want to deal with your Spanish negative equity debt burden then call EU Property Solutions today on +44 (0)330 124 1230 and visit our website at www.eupropertysolutions.com, which contains service information and video testimonials.
With all our cases we offer a free initial consultation and advice tailored to your circumstances.
