Tagged: Mortgage default
February 19, 2017 at 10:12 pm #195357JelliskiteParticipant
I wonder if you could help me please.
Around 10 yrs ago I purchased a property in Spain and a letting company managed the renting of the property. After around 1yr of ownership I received a letter to say the property had fallen into technical default. The letting company had gone bankrupt and had not informed us. The mortgage had not been paid for nearly a year. I spoke to the bank and they where not willing to negotiate and informed me it would be repossessed. So I walked away. Recently I contacted the Spanish solicitor about the property and he informed me that he still had the deeds and that I now owned the property outright.
I am going to contact him again tomorrow but I wanted to know, is it possible that I can now own the property? Does the bank have a certain time to repossess maybe and if not then the property passes to the owner?
Thanks for you help.
February 19, 2017 at 11:46 pm #195358PttParticipant
Sounds ridiculous to me – if you bought the property and it was registered you have title to it. Whatever happened to the letting company is nothing to do with it – how can you be repossessed . Hopefully your IBI was paid – hopefully a professional can help you on here- there are not many writing on here now !
February 20, 2017 at 11:03 am #195369Mark StücklinKeymaster
Doesn’t sound very likely, but I guess anything is possible what with the chaos that has engulfed the property sector in the last decade, the some banks being badly managed. Anyway it should be easy to find out. You just need to get an updated Nota Simple to see who owns what.
April 16, 2017 at 8:53 am #198877RetiredParticipant
I hope you don’t mind me asking but what did your solicitor say?
Do you now own the property?
I’m not just being nosy. We are in the same situation, we had to walk away from our property and its been empty ever since (over 8 Years). On a recent visit to Spain we were told we might still own it but the land registry cant trace the property so we haven’t been able to get a nota simply. So did your solicitor help. Do you have any advice for us ? Could we own the property ?
Any advice would be helpful.
April 16, 2017 at 4:40 pm #198905mariadecastroParticipant
As Mark says, and I have seen, so many crazy things have happened in the mortgage/property market in the last years that a deep legal check is worth considering
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