Some advice please; maybe some lawyers can help??
Four of my employees (unskilled workers) got caught up in the frenzied property bubble and bought their flats with 100% loans (dodgy valuations arranged by agents/ valuers/ bank managers etc) – three years later the property value has halved, they’re in arrears (partner unemployed but no dole as crappy employment contract) – the banks have advanced them more money to pay off the arrears and offered them interest only payments for a year or so !!!
they want out as they know the value of the property is approx €130,000 and loan outstanding is €220,000 …. wife is unemployed and probably unemployable for next five years so they cannot pay even the interest!!!!!!!!
what can they do?? hand the keys back??? they don’t want the flats; easy to say tough luck but in common with millions of working class Spaniards and immigrants they were conned/ fell into the trap of thinking life was that simple??????????
anyway, any constructive advice welcome!!
Tell them that there are millions jingle mailing the keys in USA.
In principle the situation in Spain is different but the banks won’t be able to chase all the hundreds of thousands who were conned and return the keys to where they belong. In their situation, those people have nothing to lose, they just learned a lesson in economy… Maybe…