Spanish Property Repossession HELP!

Spanish Property Repossession is an incredibly slow process but once the Banks start the process, it becomes unrelenting.

The Spanish Courts are awash with Property issues including Repossession and Deposit Reclaim hearings and the Actions can take years. Nonetheless, if you are in arrears with mortgage payments – your property can and will ultimately be repossessed. The costs involved in such Bank Actions, for which you will be responsible can be horrendous.

EU Property Solutions encourage borrowers to engage with lenders through a third party before repossession occurs, as this is when the best results can be achieved for borrowers and the lender.

Nonetheless, should Spanish Property Repossession occur or has already happened we can help.

See our case study below.
This brief article sees us share what we are seeing in the subject of Spanish Property Repossessions, most notably:

UK Debt Collection Agencies (DCA’s) are being used frequently and are becoming more prominent in their approach.

Most borrowers with a Spanish property issue have an asset position in the UK, e.g. home and investments. These will be at risk if the DCA and/or look to enforce the debt owed.

Many Banks currently looking to secure Orders Charging Land on clients’ UK assets to secure their debt position. Vulture Funds are increasingly buying non-performing loans from Spanish Banks. These funds want full repayment and are extremely aggressive in their approach. They are far more efficient in debt collection than Spanish Banks using Insolvency action against borrowers.

THIS IS AN INCREASINGLY WORRYING TREND HERE.

If repossession has occurred and you are being pursued for outstanding debt, it is essential to act now and to engage with the relevant collection agent. EU Property Solutions understand how collection agents work and how Banks operate, working with them on a daily basis.

A recent example of a Spanish Property Repossession case, EU Property Solutions settled with a core Spanish lender saw: Our client owned a property in Estepona, Costa Del Sol.

Following a period of financial difficulty, our client fell behind on her mortgage payments.

Our clients’ property was repossessed and she received a letter from a UK Solicitors firm acting on behalf of the Spanish lender. They requested a full repayment of the £90,000 shortfall debt.

The clients’ non-engagement with the Bank saw costs rise considerably. The Bank ultimately secured a Charge on her UK home.

EU Property Solutions were appointed and within 6 months achieved a settlement. We achieved the settlement for £18,000 including costs on a Full and Final Basis and the charge removed from her home. The home is now safe and savings of £72,000 achieved.

If your Spanish Property is subject to repossession or has been repossessed,
call EU Property Solutions, it’s not too late – but make sure you
Call us today: +44 330 124 1230 or Email: hello@eupropertysolutions.com

We are the ONLY dedicated advisors who cover this subject in this way and with our confidence and knowledge, we felt compelled to write a short ebook for borrowers out there who are struggling with a foreign mortgage.

Click here to read the full eBook!