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Repossessed Property Shortfall in Alicante

30 November 20222 min readby Tom Miskelly

Alicante Spain

Our client appointed EU Property Solutions after being contacted by a UK firm of Solicitors acting on behalf of a large Spanish Bank.

Our client had fallen into difficulty repaying the mortgage and fell into arrears. Subsequently, through the Spanish legal system, the Bank repossessed the property and forced the sale at a greatly reduced price.

Following the sale, a shortfall was realised. The Spanish Lender secured a European Enforcement Order and then appointed a UK Firm of Solicitors to collect the debt.

The finalised shortfall balance, including costs and interest, was €109,389. Obviously, there was quite a lot of urgency in this case as the situation was well progressed by this stage.

What was at risk?

  • The lender was threatening bankruptcy for our client as they had secured a judgement
  • This would have put their home at risk of repossession
  • Their home had significant equity as they had been paying the mortgage for decades
  • Their UK credit rating would have been severely impacted and prevented future borrowing

What we did

  • EU Property Solutions negotiations negotiated a full and final settlement of €4,000 – a massive saving of €105,389.
  • We protected our client’s income, credit rating and also his home asset.
  • The lender in question has previously placed charging orders on UK assets should there be an unsettled shortfall debt in Spain. We secured the removal of these.
  • Furthermore, the letter from the appointed Solicitors threatened Personal Bankruptcy which was avoided

Needless to say, our client was delighted, the fear of bankruptcy had been hanging over him. Before he came to EU Property Solutions, he felt like there was no way to solve this issue. Luckily, he found us in time.

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