Reply To: Can’t afford to carry on with mortgage payments


CathyD wrote:
Hi Hillbilly, Thanks for your response. I cannot sell because I would have negative equity. I will speak to the bank again to see if we can come to some sort of arrangement. Even if we were paying interest only it would cost us over 700 euros per month. How would the bank pursue me for the difference in what they sell the property for and the mortgage? Many thanks.


you should contact a good lawyer.

You have 2 choices:

1) try to get from the bank a reversal of the interest rate hike. This is currently happening in USA with some Adjustable mortgages and some banks prefer this to having properties foreclosed.

2) let the property foreclose. This means stop paying the mortgage and let the bank take the property from you.

I do nto know if they can come after your UK property, this is something that a good Spanish lawyer can tell you.

I would advice you to threaten the bank with the choice 2) in order to get the choice 1).
You have nothing to lose, try to be as noisy as any Spanish person would be in your situation.