A married couple in negative equity with a home in Murcia recently appointed EU Property Solutions to help them sort out their financial distress, as their property on the La Manga Strip was causing them significant distress.
The property was already in Negative Equity to the region of €15,000, rising to closer to €30,000 if you included transaction costs, and declining rental income made the property an even bigger financial burden for them. Furthermore, given current property market conditions in Spain, where sales are slow due to a large supply of homes on the market, and Brexit and tighter lending constraints are making things worse, the chance of a quick sale was remote.
EU Property Solutions negotiated the following outcome for these clients:
- The surrender of the property to the bank in three months. No sales costs were incurred.
- A complete debt write-off
- Protection of the couple’s home asset in the United Kingdom
- Both credit files were unaffected which was essential for the gentleman’s job in this instance.
Through our efforts on the ground in Spain, with a specialised legal team working with lenders to develop a constructive rapport, we are consistently achieving fantastic results in Spain. It is satisfying to help our clients free themselves of a burdensome property in Spain, and get on with their lives.
If you wish to discuss your Spanish Property Debt issue then call EU Property Solutions today on +44 (0)330 124 1230 or Click here to read our e-brochure.