€258,000 Mortgage debt written off- Peraleja Golf,Murcia
A client approached EU Property Solutions via an introduction from an Estate Agent whom we work alongside in Spain.
The client had purchased a holiday home in Peraleja Golf, Murcia, Spain. With the property clash, our client’s property value plummeted from c€300,000.00 to a forced sale price of €140,000. The mortgage outstanding at the time when the clients approached EU Property Solutions was €257,000.
The clients were pensioners and could no longer sustain the mortgage going forward and understood that the property would never reach the value that they originally paid for.
Our client had the property on the market for 5 months at €200,000 and had generated zero interest due to the development itself falling into a state of disrepair and the linked golf course closing indefinitely.
The couple had a mortgage-free property in the UK worth in excess of £400,000 in addition to other assets including ISAs and bonds so were understandably worried about the ramifications of this property on their assets in the UK. Due to the specialist advice received from EU Property Solutions, a noteworthy settlement was achieved with the Spanish lender ensuring that the couple could move forward and enjoy their retirements without the burden of the poor investment hanging over them.
Full Mortgage Write off – €257,000.00
Community Fee write off- € 600.00
IBI Tax write off – € 400.00
Total Debt Write Off:
Only fees payable in this instance were the consultancy fees of EU Property Solutions.
Contact us today if you are in a similar situation for a free consultation.