EU Property Solutions- Experts in all Spanish property issues

EU Property Solutions regularly encounter overseas borrowers who have walked away from a property in Spain simply handing the keys back to the Bank. Many have a flippant attitude believing that Spain’s sperate legal jurisdiction means no liability can be pursued in their home country. This is WRONG!

We have assisted 2 borrowers who had 2nd Charges placed on their homes in the UK due to non-payment of their Spanish Mortgage and failing to liaise with the lender.

A reoccurring theme when first discussing cases with potential clients is an angry attitude towards their lender. Common phrases include “My mortgage was miss-sold” and “I’m not giving them a penny”. EU Property Solutions can relate to the anger and emotion associated for borrowers, but this approach will not resolve the situation and the burden is still with the borrower.

A promised rental yield on the property never materialized and David, unfortunately, fell into arrears with his Spanish mortgage lender and could not make further repayments. The property was in a development between Estepona and Gibraltar on Costa Del Sol and was also in Negative Equity. Due to non-payment the lender took legal action and placed a second charge on his home in the UK.

 We managed to successfully negotiate a significant debt write off whilst disposing of the property.

Part of our agreement with the Bank was to remove the second charge on the client’s home.

This is a similar story to David’s above. Phil fell into arrears with the property, did not engage with his lender and found his property in Birmingham had a second charge on it. We were appointed following a free initial face-to-face consultation and a huge debt write off was achieved along with the removal of the second charge from Phil’s home.