The Bank will take my property back

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    • December 31, 2008 at 11:08 am #54609
      Anonymous
      Participant

      Got an email that my bank will take my property back… (because I cant afford the payments)… so I will be debt free………Ok….although I will have lost a lot of money on my deposit and my payments so far…and I will never be able to afford to buy again…what do you think????……I have asked for an exchange something half the price but havent heard anything yet

    • December 31, 2008 at 11:17 am #88958
      Anonymous
      Participant

      Whats the background. Please explain as I have no idea what you are on about & I am sure others are in the same boat.

    • December 31, 2008 at 11:38 am #88959
      Anonymous
      Participant

      Peachie49
      Part of your post.
      “I cant afford the payments and I will be debt free”

      Without looking much further and if you dont have enough equity to sell and leave you with some spare or you cant rent then move on.
      It will be a long time before that area is worth its salt.
      Only my opinion but thats what I would do.

      Just Frank 8)

    • December 31, 2008 at 12:23 pm #88961
      Anonymous
      Participant

      I think the spanish term is “Dacion en Pago”

      The bank take ownership of the property, without undertaking a legal process through the courts. Effectively it has to be in the interests of the bank, no negative equity etc.

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