El blog de Maria

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xxxxx said: 
09 December 2011 @ 12:48 

Maria 

What happens if you just stop paying the principle and just leave enough in the account to cover the interest on the loan so that at least that is being covered for the bank.

Also my property has been rented for 2 years to a Spanish resident, will the bank evict her if they proceed with legal proceedings 

Maria answered: 
09 December 2011 @ 13:01 

My strategy would be as follows:

1. - I would send a certified letter to the Bank, by a lawyer with good specialty in these cases, where you expose and prove your current situation and ask for an interest-only product. Your lawyer adds that if not accepted, regretfully, you will have to start a dation process.

 2. - You effectively start a dation process where these rights can be expressed in a more extended way.

The tenant can stay there till end of contract dealine (and exercise the five years extension if he has rights for this).

If the rental agreement was registered in the Land Registry before the registration of the mortgage, the tenant is protected during all the time the rental contract establishes with full rights gathered there.

All these are minimums that can be bettered by the lender which is enforcing the mortgage rights 

Part I of tips on repossession here 

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