EU Property Solutions regularly encounter overseas borrowers who have walked away from a property in Spain simply handing the keys back to the Bank. Many have a flippant attitude believing that Spain’s separate legal jurisdiction means no liability can be pursued in their home country. This is incorrect.
We have assisted 2 borrowers who had 2nd charges placed on their homes in the UK due to non-payment of their Spanish Mortgage, and failing to liaise with the lender.
A recurring theme when first discussing cases with potential clients is an angry attitude towards their lender. Common phrases include “my mortgage was mis-sold” and “I’m not paying them a penny!” EU Property Solutions can relate to the anger and emotion associated for borrowers, but this approach will not resolve the situation, and the burden is still with the borrower.
Case Study 1 – David, West Midlands
A promised rental yield on the property never materialised and David, unfortunately, fell into arrears with his Spanish mortgage lender, and could not make further repayments. The property was in a development between Estepona and Gibraltar on the Costa Del Sol, and was also in Negative Equity. Due to non-payment the lender took legal action and placed a second charge on his home in the UK.
David was introduced to EU Property Solutions and contacted our case manager Rado and appointed EU Property Solution. We successfully negotiated a significant debt write off whilst disposing of the property.
Part of our agreement with the Bank was to remove the second charge on the client’s home.
You can hear from David himself below:
Case Study 2 – Phil, Birmingham
This is a similar story to David’s above. Phil fell into arrears with the property, did not engage with his lender, and found his property in Birmingham had a second charge on it. EU Property Solutions were appointed following a free initial face to face consultation, and a huge debt write-off was achieved along with the removal of the second charge from Phil’s home.
If you are in financial distress, including negative equity, and cannot keep up the payments on your Spanish mortgage, we are here to help you sort out your problems. By appointing us you can remove the emotion from the debt situation, and we will actively engage with your overseas lender to get you the best agreement possible, benefiting from our experience in many negotiations of this kind. EU Property Solutions understand and can empathise with your situation, and we have the expertise, legal contacts and knowledge to help end your negative equity burden in Spain.
To arrange your free initial consultation please call EU Property Solutions now on +44 (0) 330 124 1230 or fill in the form below.
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