Due to me losing my job, I have not been able to pay my Spanish mortgage for 5 months
I was wondering if anyone has any insight into how long the mortgage lenders will let this go on till they decide to re-possess? Is it similar to in England, where they will wait for 6-months or so before taking action?
I hope to have a job soon, and could possibly continue payments
In my experience dealing with baks on the Costa del Sol then regarding defaulting on your loan normally they start to take action within 90 days. However if you have been honest with them from the beginning then they may be more considerate. Have you paid them anything at all as a gesture or defaulted entirely? It may be worth paying some of the mortgage to show good faith.
Sorry to hear about your situation.
I would suggest that you make contact with the lender and advise them of your problem (if you haven’t already done so) so that at least they are aware of it – rather than wait for them to take action.
Communication can go a long way to avoiding problems – maybe you could offer to make at least some contributions to the repayments by way of a “goodwill gesture” until your financial situation improves. That way they will know you are genuine.
Good luck with finding employment.