Negative Equity Property Surrendered in Murcia
30 November 2022 • 1 min read • by Tom Miskelly
A couple appointed EU Property Solutions, as their property on the La Manga Strip was costing them a fortune and causing huge amounts of anxiety.
They bought pre-2008 under the promise of guaranteed rental incomes and an increase in value. Fast forward 10 years, and declining rental income made the property an undesirable investment. On top of this, the property was in Negative Equity to the region of €15,000.
Including sales costs, the figure was actually closer to €30,000. Furthermore, given current market conditions in Spain are slow due to a vast supply of property available, Brexit and tighter lending constraints meant that the chances of a quick sale were very low.
The couple had a home in the UK with a large amount of equity which was their pride and joy. The husband worked in finance, so could not have his credit file affected, or he would lose his job.
What we did
- Negotiated the surrender of the property to the Bank in three months. As a result, no sales costs were incurred.
- Secured a complete debt write-off on their mortgage
- Protected the couple’s home asset in the United Kingdom
- Both credit files were unaffected, which was essential for the gentleman’s job in this instance
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