Spanish Property Repossession is an incredibly slow process but once the Banks start the process, it becomes unrelenting.
The Spanish Courts are awash with Property issues including Spanish Repossession and Deposit Reclaim hearings and the Actions can take years. Nonetheless, if you are in arrears with mortgage payments – the bank can property and ultimately will repossess the property. The costs involved in such Bank Actions, for which you will be responsible can be horrendous.
EU Property Solutions encourage borrowers to engage with lenders through a third party before repossession occurs. This is when the best results can be achieved for borrowers and the lender. Nonetheless, should Spanish Property Repossession occur or have already happened we can help. See our case study below.
This brief blog sees us share what we are seeing in the subject of Spanish Property Repossessions, most notably:
Creditors are using UK Debt Collection Agencies more frequently and are becoming more prominent in their approach.
Most borrowers with a Spanish property issue have an asset position in the UK, e.g. home and investments. These will be at risk if the DCA and/or look to enforce the debt owed.
Many Banks currently looking to secure Orders Charging Land on clients’ UK assets to secure their debt position.
Vulture Funds are increasingly buying non-performing loans from Spanish Banks. These funds want full repayment and are extremely aggressive in their approach. They are far more efficient in debt collection than Spanish Banks using Insolvency action against borrowers. THIS IS AN INCREASINGLY WORRYING TREND HERE.
If repossession has occurred and a bank/solicitor is pursuing you for an outstanding debt, it is essential to act now and to engage with the relevant collection agent.
EU Property Solutions understand how collection agents work and how Banks operate, working with them on a daily basis.
A recent example of a Spanish Property Repossession case, EU Property Solutions settled with a core Spanish lender saw:
If your Spanish Property is subject to repossession or has been repossessed, call EU Property Solutions, it’s not too late, call us today by clicking here.
We are a UK based firm with legal teams in Spain and Cyprus who understand the market and Bank practices as they stand. We remove the language barrier and utilise law, Bank lending flaws and current client circumstances to negotiate the best feasible outcome for all our clients.
EU Property Solutions was formed following the success of our associate firm Bell & Company. An FCA registered firm of Debt Strategists, Bell & Company assist individuals in difficulty in the UK and Republic of Ireland with Personal and Business-related debt issues.
We have an excellent track record of success. Our success stories and testimonials come straight from our clients & highlight the high quality of our works and outcomes. We have individuals willing to speak to prospective clients on the telephone to offer their story and experience.
Our obligation is always to our client and that is where our strength lies. Debt is highly stressful and emotional. We deal with debt day in day out and employing an intermediary removes emotion from the situation allowing clear strategy to be implemented to get the best outcome for our clients. Understanding a firm of professionals is acting on your behalf can remove stress and focus the mind to a positive end goal.