Repurchase / repossession - advice needed

HAND THE KEYS BACK PEEPS when euro interest rates rise in a few years you will have wasted another 20k when its REPOED

Listen to the EXPERT I study these things

https://www.thesun.co.uk/news/4553950/majorca-spain-british-holidays-tourists-leave-locals/

I saw the WRITING on the wall thats why I MOVED back to UK

ASTA LA VISTA MAYBE

Love Hugh xx

Maybe sell it, whenever times are hard sell something!!

try and sell it through an English estate agent or a Spanish one who is a hard salesman/woman.   Put it on the books, you never know eh.  

If you take a drop on it at least it's going to minimise the interest and restructure the debt?

HAND THE KEYS BACK PEEPS when euro interest rates rise in a few years you will have wasted another 20k when its REPOED

Listen to the EXPERT I study these things

https://www.thesun.co.uk/news/4553950/majorca-spain-british-holidays-tourists-leave-locals/

I saw the WRITING on the wall thats why I MOVED back to UK

ASTA LA VISTA MAYBE

Love Hugh xx

Sure please do offer advice on such matters that help the OP, but in your case it would be wise to remember that you did live, as you kept telling everyone 'Under the radar,' even to the point of using someone else's swimming pool which in your words, they didn't know about, to my understanding the OP wasn't doing any of this.

You always posted, and kept on about the cheap living in Spain and how it was so much better then the UK, Sunday roasts and a pint for next to nothing, whenever you could you put a damper on the UK.

The article in the 'Sun' has no bearing at all on the issue here.

Yes, it's true you did move back to the UK, only to live in a 'Caravan' in one of the most 'Deprived areas of the UK,' so I can see where that does make you a studious 'Expert' on property dealings and all it's pitfalls.

Looking at possibilities of a settlement with the bank, depending on particular circumstances of each case, is always something recommendable these days.

Unless you can afford to clear the outstanding dept...at the original purchase price that the bank want...it would be a wise move to hand the keys back ...and when the bank put it up for sale at half the price of what they wanted of you then buy it back off them if you like it that much....l am certainly no expert but every person that I know that has sold ..have sold at a massive loss so personally I think the bank is doing you a big favour taking the property back... DON'T YOU.

Oh Baz

You sound like a bit of a SNOB I have no debts my caravan is my CASTLE yes I lived the HIGH LIFE but the writing is on the WALL you probably havent even read the ARTICLE because your head is so far UP YOUR A@@@

TAKE those ROSE TINTED spectacles off for once in YOUR LIFE man

Oh and IVE been offerred TWICE what I PAID for it so whose the MUG now

Love Hugh xx

Certainly not a snob, glad you have no debts you didn't in Spain either, Yes I read your article which was about the Spanish not wanting visitors and still nothing to so with the OP problems with his bank and house, and I also read the article some weeks back, was that the reason you left Spain then?  because that wasn't happening back when you left.

I don't have rose tinted specs on either, never have done,  I like to say it how it is, have a very good relationship with Spain, it has it's faults like most countries and for what ever reasons it seems no one will admit the UK has bigger problems then what we are led to believe so in thinking that the UK is problem free is very false.

I get offered money for my business on a regular basis, and more then double,  just because it's been offered does not make a sale though.... And twice for a caravan where you live is that good then?

Baz1946 you should look beyond your nose ...the British are no longer welcome in Spain ...and this hate is only going to get worse  when we get out of the EU...we are blamed for high property prices and draining the Spanish NHS and the creation of a  black economy.

This message was last edited by windtalker on 28/09/2017.

Windtalker....I do not think we, Spanish, do not welcome British anymore. We welcome anyone willing to get inserted in our culture, respecting our laws, paying the necessary taxes. We are, in essence, a very hospitable culture. And we all need each other. It is also part of our times.

Back to normal, abuse and insults, and always the same 7 star generals.

Mariadecastro you are correct on what you are saying ....personally I like the Spanish ..but unfortunately for Spain all you get is high number trashy  people from the UK ...the normal people from the UK pay their Taxes and don't work in the black economy ..l think the Brexit will sort all the ducker's and diver's out ....Spain will be able to through them out of the country .

I managed to avoid this one Duncan!   And Maria is always a voice of reason so perhaps we can be forgiven this time!!!

windtalker.   I don't think handing the keys back to the bank is going to get the OP off the hook, they will still owe the money, less what the house sells for.  And if the house gets vandalised after repo they will be responsible for that too st worst case.  

Always better to keep in control and try and rent, sell, pay off etc.  

Look at possibilities of settlement or restructuring is the best way forward.  

Briando55 the opp has had the mortgage restructured..to the maximum permitted age and the monthly cost is €1,700...the banks are not a charity they are in business to make money this opp has lived in a property that they could never had afforded for 10 year's at €122 per month ....I pay my pool cleaner more than that ...so why is it just now that they are worried ...it sounds to me that they have been living day to day and not putting enough thought in to what is going to happen in the real world tomorrow sorry to be blunt ...this opp was sold a business model similar to a buy to let scheme ..instead of letting the property out to holiday maker's for ten years and putting all the profit back in to paying the loan off...   they decided to take advantage of the low payment's of €122 interest only they should not have used the property as a permanent home .....back when they bought the property ...in sterling that was around £75 per month I have heard many sob stories in my time some of them   genuine   but this one tops them all...you can call me what you like but I am only saying what the rest of the I love Spain brigade are thinking .

Yes windie, I know all that, I don't understand your point there?

i said......

windtalker.   I don't think handing the keys back to the bank is going to get the OP off the hook, they will still owe the money, less what the house sells for.  And if the house gets vandalised after repo they will be responsible for that too st worst case.  

Always better to keep in control and try and rent, sell, pay off etc.  

Look at possibilities of settlement or restructuring is the best way forward.  

These seem to be their options now, someone seemed to be saying hand the keys back?    I'm saying they can't do that, they still have to pay. 

OK Brando55 the opp has had the mortgage restructured by the bank ..the opp cannot afford the payment's or a outright purchase... So they are left with no other option other than to hand the keys back ..maybe the bank will pursue them for the short fall maybe not ..whatever the case is if they do not volunteer to hand the keys back ....the bank will simply send in the Bailiff's and they will be charged for this as well...it's a fact of life..if you cannot pay they will take it away. 

The bank will pursue them for the shortfall, and the admin charges, and the loss of interest and everything else they can throw their way.   

Give the keys back and your looking at losing your other assets to pay it off, I'm not sure how bankruptcy works in Spain either.   Also Windtaker, if there are bailiffs in Spain, send me a link because I need to send some along to the bank myself (I can't get a straight answer to that one).  

Give control back to the bank and the OP is signing his financial life away for the next twenty years.   It's time for them to get down to some hard facts and take responsibility.   Life's not fair sometimes but hey, you have to fight to be successful.  

Brian why are you worried about the banks chasing him ? 11 years we have been waiting on the banks to pay us our monies and still waiting  .I think if I owed the banks anything they could sing for it .

I think Maria's sentiment is admirable when she observed "we all need each other..it is also a sign of our times".

Windtalker you observed " ...it sounds to me that they have been living day to day and not putting enough thought in to what is going to happen in the real world tomorrow ..sorry to be blunt".

Although I acknowledge the need for individual responsibility, the trouble is that the real world that we now relate to is a world away from the early 2000s when many chose to invest in Spain.  

Sometimes it's not as black and white as you suggest.

For instance all manner of changes have occurred acting as disincentives to rent, not least the growing threat from bad renters with all the associated litigation costs and stress, the introduction of strategies by  regional governments keen to restrain the growth of the expat rental market, ( responding to hotel lobbyists) with various measures that have acted as financial disincentives. Plus communities and owners have also been financially compromised by  Banks reneging on their management fees on repossessed property. And these are just a few aspects that might have affected or influenced the ability to act responsibly in the interim,  let alone the sudden drastic cut in property values that many had hoped would have recovered within the considerable intervening years.

Briando I am sure that the Spanish have the equivalent to a Bailiff lurking around the corner... I am not sure if a private person can be declared bank rupt ...companies do it all the time so I don't see why not .

Wonder where Mr & Mrs OP have disappeared to.

georgie1 right, the banks don’t give jack about paying you Brian.

If the OPs throw the keys in, how’s ’’won’t pay we’ll take it away’’ going to work?. If they go back to UK, that’s ta ta Spain bank, and even if they are in Spain ‘’blood out of a stone’’ springs to mind.

Maybe the Ops priority has been bingo & beer, their not saying.