Posts Tagged ‘Solicitor’
Are you in Negative Equity and do not understand the meaning?
Sort out your Spanish property issues today! In simple terms; Negative Equity occurs when the current loan or mortgage balance secured on a property is higher than the current market value of the property. Subsequently, some borrowers refer to them as Negative Mortgages.
For example, if a borrower’s current mortgage balance is €150,000; but a recent comparable property may have sold for €100,000 (before selling costs of c8-10%)…this borrower is in Negative Equity and faces a mortgage shortfall of €50,000+.
Such Spanish property issues/shortfalls are due and payable in full as and when the property is sold or disposed of.
EU Property Solutions have had contact with and helped many hundreds of people who purchased in Spain and across Europe at the height of the crazily inflated market, pre-2008.
These couples and individuals took out huge mortgages which were too readily available. These scenarios in turn later left the majority of mortgage holders in some form of financial difficulty. Leaving them exposed to an asset with falling value.
Many who still own a property in Negative Equity feel trapped. They are unable to move on, being dubbed ‘mortgage prisoners’ or ‘Stuck in the Sun’.
Furthermore, EU Property Solutions are experts in Spanish Mortgage Law; assisting borrowers who still suffer from a Negative Equity loan. We and our hand-picked legal teams work with all lenders across Spain. We can tailor our services based on your circumstances and lender.
A recent example saw us settle a Negative Equity position on a proposed sale of c€120,000 for £25,000 including costs. Genuine telephone testimonials are available to support our work.
Borrowers often bury their head in the sand. They face the very real risk of Spanish mortgage default or Spanish mortgage repossession. These scenarios can be life-changing and will expose your UK Assets and Income.
Dealing with the situation and acting now is key. EU Property Solutions legal team in Spain is ready to assist.
Don’t be a mortgage prisoner – let us find you a way out of this predicament.