EU Property Solutions regularly encounter overseas borrowers who have walked away from a property in Spain simply handing the keys back to the Bank. Many have a flippant attitude believing that Spain’s separate legal jurisdiction means no liability can be pursued in their home country. This is WRONG!
We have assisted 2 borrowers who had 2nd Charges placed on their homes in the UK. This was due to non-payment of their Spanish Mortgage and failing to liaise with the lender.
A reoccurring theme when first discussing cases with potential clients is an angry attitude towards their lender. Common phrases include “My mortgage was miss-sold” and “I’m not giving them a penny”. EU Property Solutions can relate to the anger and emotion associated for borrowers, but this approach will not resolve the situation and the burden is still with the borrower.
A promised rental yield on the property never materialized and David, unfortunately, fell into arrears with his Spanish mortgage lender. He could not make further repayments. The property was in a development between Estepona and Gibraltar on Costa Del Sol and was also in Negative Equity. Due to non-payment the lender took legal action and placed a second charge on his home in the UK.
David was introduced to EU Property Solutions and contacted our case manager Rado where he went on to appoint our services. We managed to successfully negotiate a significant debt write off whilst disposing of the property.
Part of our agreement with the Bank was to remove the second charge on the client’s home.
You can hear from David himself below: https://youtu.be/gOBqNM9IsLw
This is a similar story to David’s above. Phil fell into arrears with the property. He did not engage with his lender and found his property in Birmingham had a second charge on it. EU Property Solutions were appointed following a free initial face-to-face consultation and a huge debt write off was achieved along with the removal of the second charge from Phil’s home.
By appointing EU Property Solutions you remove the emotion from the debt situation. They will actively engage with your overseas lender. EU Property Solutions understand and can empathize with your situation. We have the expertise, legal contacts, and knowledge to help end your Negative Equity burden in Spain.