Over €50,000 Saved In La Linea, Malaga
9 January 2023 • 1 min read • by Tom Miskelly
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 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, and this would have been at risk if he had stopped paying his mortgage.
What did we do?
- Through 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.
- This 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.
- Further 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.
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