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We are resident in Spain and have a 112000E mortgage outstanding on a house we bought five yeas ago. We are not in negetive equity. Up to November 2008 we had sufficient income from our pensions and outsource work we did for a UK company. That income came to an end in December.
We have not been in a position to pay our mortgage and have put our home up for sale. There are a number of people interested and we have kept the bank up to date. The bank is now saying that they will have to start repossession action soon.
With the possibility of the bank starting legal action my question is at what point would we lose the right to sell our property? And can we do anything to prolong the bank talking action? short of paying the mortgage up to date.
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As far as I am aware, you own the property until it goes to court and the judgement goes in favour of the bank who then become the owners and they are then named on the deeds. I have also heard that the whole process from legal action commencing to the court proceedings can take anything from 12 to 24 months.
So you can continue to market your property until it goes to court and hopefully you will get an offer that more than covers your outstanding debt and with some left over for yourself. Try everything you can to get an offer as soon as possible. Good Luck!
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