Dación en pago

I have been having problems paying my mortgage on my property in Spain.  Today I have had some good news from the bank, they have agreed to Dacion en pago on my property.

They tell me that all I need to do is go to the bank in Spain and hand in the keys , sign a power of attorney and that's it.

Can any one give me any advise regarding this matter.

Thanks in advance.

Stan

THis means they accept your property in full settlement of your mortgage, but you will not receive any money from the sale, however equally you will not be chased for any more debt either.....

Dear Stan,

First of all, congratulations.

You already had a thread opened on this subject:

http://www.eyeonspain.com/forums/posts-long-5973.aspx

In that thread there's a link to an article explaining the dación en pago procedure.

Regards,

 A very important perspective to take into account with Dación en pago procedures is that the Bank cannot unjustifiedly deny the consumers proposal and that you can always have judicial help on this.

Just out of interest, if you agree dacion en pago is that only for the property as is or can you ask the bank to pay you some money on sale of the property - for instance people who have about 50% equity left in their property? If not then it is an ex`pensive option for those still with genuine equity?

Yes, you could ask for remaining.

Hello,

I have a property in el Vergel which was completed in 2007  and there is still no habitation licence.

I'd like to sell but without it I can't get an agent to take it on.

I'm struggling to find the money to pay for the mortgage and would love to walk away.

Does anyone know if there have been recent changes to the law or the handling of banks to this issue.

Does the process remain the same?

Yes, it does remain the same. I would send a cancellation notice to the developer first ( due to lack of First Occupation License).