[Cole1]

Good afternoon, I am looking for advice on behalf of my partner who stopped paying his Spanish property mortgage payments around 3 years ago (I think) as he could no longer afford the payments.

Since 2013 he has attempted to contact the bank of Bankia regarding his arrears but he is getting little or no response from them.

He applied for Dation n payment back in March 2013 but was refused with no explanation.  Since then he has sent numerous emails to members of staff at Bankia.  He has also liaised with Trilogy Brokers asking them for help but he is still no further forward.  His mortgage was originally with Bancaja who were took over by Bankia.

His last correspondence to Bankia was in April this year, 2016 asking for an update.  He received a reply stating he did not qualify for the Dation n payment process due to him receiving a pension.

My partner was involved in a serious car accident 30 years ago when he was 20 and due to his back and leg injuries he was registered disabled.  He then went on to accept medical retirement  around 20 years ago and has not worked since.  The medical retirement pension he receives is his only form of ‘income’.  He purchased the apartment when he was medically retired.

The reply states that by November the property will be foreclosed.

We have no idea what this means and the correspondence received does not explain.  The rare correspondence he does receive is very unprofessional, unsure if this is how it usually is in Spain but if anyone is able to offer assistance/direction/advice/help on this matter I would be most grateful.

Thanks

Nicola

 

[Milda5555]

Foreclosure means that bank will take an apartment from you. Try to sell it and pay bank what you owe. This will help you to keep good credit history instead ruining it. There are many real estate investors who can buy from you for somewhat reduced price. Where is your apartment located, by the way? Good luck solving your financial issues!

[Author]

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