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.