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The situation is similar in Spain to the one California or Florida one year ago.
“If I can’t sell the place I have looked at renting the property out. But again that’s not really going to cover the mortgage. The other option is just to have to walk away and just to let the bank have it, which means we lose absolutely everything.”
“We bought our house four years ago when everything was booming and there was plenty of work,” says Sarah. “We bought it as a pension really and things have dried up and we are waiting for it to be repossessed.
Its been on the market for two years. It started out at 495,000 euros and its now down to 360,000 and still we can’t sell it.”135K price cut and no looker…
How will they squeeze at least 150K from a single mother with no property or other assets?
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If you are unfortunate to be in this position, good legal advice is essential. For example, once your property has been sold, the outstanding debt can be removed after 7 years if you are declared bankrupt. However, if at any time during the 7 years you acknowledge to the bank that you owe them money (for example saying ‘sorry but I don’t have the money’)- either via a letter, email or verbally – then the 7 year period re-starts. Only communicate via your Solicitor.
This is the reason why some individuals find themselves owing money 14 years later.
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