[Anonymous]

We own a villa in Spain are now resident back in the UK, the mortgage repayments have gone up three times. we cannot sell and cannot afford the repayments.

We have no assets in the uk and wondered if anyone knew what the repercussions are if we allow the property to be repossessed by the spanish bank.

We did let it to help with the mortgage but the tenants have moved out having trashed the place.

We are desperate any advice would be most welcome

[Anonymous]

Repercussions ? I don’t quite understand. The bank will auction off your house and with luck the proceeds will cover the mortgage responsibility, if not even after having auctioned your house you would still be liable for the outstanding debt.

My advise would be that you seek “concurso voluntario” according to the new spanish Ley Concursal by which you are declared bankrupt and the banks cannot sell your house and are forced to renogotiate the mortgage with you (banks hate this new law).

I’m no legal expert in that field of law and I’m not sure being a foreigner it’s applicable to you. But it’s certainly your best option if possible.

This is the law, I’ve read it and it seems it make no restrictions if you are a foreigner.

http://noticias.juridicas.com/base_datos/Privado/l22-2003.html

[Anonymous]

WHAT HAS HAPPENED TO YOUR PROPERTY?
WHERE IS IT LOCATED?
HOW MUCH DO YOU WANT FOR IT?

JOHN.

[Anonymous]

DRAKAN, thanks for the reply, unfortunately cannot understand the link you posted (all in spanish) unless I have missed something.

BENIGNUS:

Garden overgrown (1000 sq mts tropical, reducing sea view)
It is 10 mins from benidorm L’alfaz del pi
it is traditional detached villa with seperate appartment and own pool, 330 thou euro’s see’s us clear. approx 210 sq mt build

[Anonymous]

Drakan

Do you have any idea as to how we would seek “concurso voluntario” or how we could find out anymore information on it?

Many thanks Linnylou

[Anonymous]

@linnylou wrote:

We own a villa in Spain are now resident back in the UK, the mortgage repayments have gone up three times. we cannot sell and cannot afford the repayments.

We have no assets in the uk and wondered if anyone knew what the repercussions are if we allow the property to be repossessed by the spanish bank.

We did let it to help with the mortgage but the tenants have moved out having trashed the place.

We are desperate any advice would be most welcome

I am sorry to hear about your problem.

You say you cannot sell. Why not?

Have you asked a local agent for a realistic ‘sell now’ valuation?

Good luck.

[Anonymous]

Unfortunately the buy now price would not cover what would need to be settled at the point of sale. 😕 otherwise we would have no hesitation in selling it for what we could get.

[Author]

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