Significant Debt Write-Off achieved for a client with a problematic property in Alboran Hills.
Client came across EU Property solutions whilst browsing on Internet. The client purchased a property in 2006 in Alboran Hills, Costa Del Sol. Due to the plummet in property prices the property was only worth €60,000 with a mortgage outstanding of 120k to Spanish lender.
The client wanted to sell the property as the mortgage was on an Interest only basis and was due to expire Oct 2017 which would have seen repayments more than €1000 PCM which was completely unaffordable. Originally our client had appointed a solicitor in Spain to deal with matters however due to lack of progression our client appointed EU Property Solutions further to a free consultation at our London office. It is worth noting that the solicitor in question had advised the client that there was nothing that could be done to assist the client after taking fees of €800.00.
EU Property Solutions commenced negotiations with the lender involved along with our specialist legal division in Spain in Jan 2017 and reached an amicable settlement in March 2017.
Full Mortgage Write off – €120,000.00
Community Fee write off- €1000.00
IBI Tax write off – €400.00
Total Debt Write Off:
The client was worried that the debt owed on the property would put her in a vulnerable position in the UK as she had significant equity in her UK home thus leaving her exposed. Due to the expertise of both our strategist and legal teams we managed to safeguard what was important to the client in the UK whilst achieving a significant write-off in Spain. The only monies payable upon completion were EU Property Solutions consultancy fees.
The client advised that the development in question – Alboran Hills, Manilva is in extreme Negative Equity, therefore we may be able to help numerous others as we have reached similar settlements in the same development for others. Please contact us today to discuss the options available to you.