A gentleman from the Republic of Ireland had a mortgage on a Spanish property for €286,000. Unfortunately for the client, the value of the property was just €200,000, leaving him with an €86,000 shortfall.
To further add to our client’s woes, there was an embargo on the property for €21,000 for outstanding debts relating to community fees.
The Spanish lender in question is also known for being notoriously difficult to deal with.
He had a property in Ireland with significant equity. This would have been at risk if he had stopped paying his mortgage.
What did we do?
- Negotiate with the bankThrough protracted negotiation with the bank, it was agreed the property was to be surrendered into their possession, and a write-down was agreed. We also negotiated with the community association to secure a complete write-off of overdue community fees, saving the client €21,000.
- Perservered with a difficult lenderThis case took a great deal of work from EUPS, as the lender in question was difficult to liaise with. However, our team was persistent and secured a great settlement.
- £50,000 savedFurther mistakes from the lender in the final stages of the settlement were exhausting for both our client and our team. Nonetheless, we persevered and ultimately, we saved our client over €50,000 in this case.
How can we help you?
Please contact us today if you are encountering issues with your foreign property such as outstanding debts relating to community fees. Our team of experts can help alleviate any stress and worries you may have. Check out our testimonials page and our YouTube channel for more information.
