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We currently own a villa in Costa Blanca valued at 179,000.00 Euros in Nov 08. We have no other alternative other than re-possession and have a Spanish Mortgage of 128,000.00 Euros.
Can anybody offer any advice to us prior to us going down this route and anybody have any idea experiances of what can expect the property to get in an Auction.
Also what is the worst that can happen to us (the 4 joint owners) in the UK?
Any advice is greatly appreciated.
Simon
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If there is still equity in the property then you do have an alternative to repossession called dacion en pago. have a read of post number 28 on this thread from another forum
http://britishexpats.com/forum/showthread.php?p=7204002 -
Thanks for that Hillybilly. Looks like that may be our option!!
Anybody know how the Banks would class the Figures quoted above?
Would that be classed as not being in negative equity??
Thanks
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Cant see how if its valued (by a bank) at 179k with a mortgage of 128k. The bank would write off the debt in return for the keys. You sign at notary and the property is no longer yours.
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We funded 20% of this Via the UK which we will obvioulsy loose..
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If my maths are correct (and your mortgage of 128k was the remaining 80%) then you stand to lose the 35k you all put in which between the 4 of you is 8750€ each. Plus you’ve had the use of it and/or rental income for however many years you’ve owned it. A relatively modest sum of money to be able to avoid the distress and potential repercussions of repossession I would have thought. There are many in a far worse situation than yourselves.
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