Dacions still being granted ?
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Wondering whether dacion en pago is still being granted by any of the banks or have they tightened up ?
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was wondering what dacion en pago meant !!!!!
The Dación en Pago Explained
Raymundo Larraín Nesbitt - Lawbird Legal Services
28th of March 2009
For all those who've slipped into mortgage arrears in Spain or are likely to and are thinking of handing back the keys as a solution, there's a formal legal procedure to do it known as dacion en pago (datio pro soluto). This was one of the proposed solutions I highlighted on my previous article relating to Bank Repossessions in Spain. For a property owner, a dacion en pago means basically handing back the keys to their lender and involves signing a Deed at a Notary Public in exchange of being discharged for the remaining mortgage debt. The catch is that the property must not be in negative equity.
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Has anyone heard of anyone successfully negotiating handing the keys back recently ?
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We are told not available any longer from our bank, regardless of equity, have sent you a pm.
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The recent advise from government to Banks is to accept Dations when debtors are unemployed and the house is the only house they have. Just yesteray, a Judge dealing with a dation against BBVA deleted almost 270K euros of debt from the debtors and asked the Bank to pay them two months of rents for giving time to these people to find rental accomodation.
It is a very social and innovative Court decission. An great example to be followed.
If you are not under those merits ( unemployed and the house being the only house you have) it is very likely your dation will succeed. If not, I am afraid, that a persistent negotiation with the Bank for debt restructuration will be the bet way out as they seem to be now ready to go against UK assets too.
_______________________
Maria L. de Castro, JD, MA
Lawyer
Director www.costaluzlawyers.es
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