We were contacted by an elderly couple regarding a property in the popular area of Duquesa Village in the Costa Del Sol.
This had been their dream holiday home. However, it started to cause them considerable stress when they began suffering from age-related illnesses. They found themselves in financial difficulty due to increased expenses and increasing UK mortgage payments.
With all the added costs, they were struggling to keep up with mortgage repayments. They felt that there was no way out, and they had to continue paying their mortgage.
The outstanding Mortgage balance on this property was €210,000, and the property had an estimated value of just €115,000. This meant that the property was in negative equity of €95,000.
To further complicate matters, they also had tenants in the property who were refusing to leave in a timely manner, making a sale difficult.
What we did
- Through significant negotiations, EU Property Solutions secured the voluntary surrender of the property
- We negotiated a complete debt write-off, i.e. €95,000 savings plus the €20,000 sale costs
- We also secured an agreement with tenants to vacate the property and allow the sale
This amazing settlement allowed the couple to enjoy the rest of their retirement peacefully and focus on fixing their health instead of worrying about their Spanish property.
If you bought a property in Duquesa Village, are going through a similar situation or require advice on anything relating to your foreign property please do not hesitate to contact us today. Our experienced team have resolved hundreds of cases just like this and we can resolve it for you too.
