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26 Feb 2008 12:00 AM by tweety5 Star rating. 42 posts Send private message

ok, this problem is probably shared by half of spain at the moment, but i need advice,i have a mortgage for 217000e but my house is now not worth that, i borrowed this amount to do some refurbishment in it. im having trouble paying the mortgage, it has increased so much, ive not missed a payment yet, but its causing great concern as we havent got much work now. my bank is useless caixagalicia, it just dosent want to know, when i tried to talk to them/as always suggested/ they said..if you fall behind with three months payments then we start repossesion....... well i know that!! but thats not exactly helping me is it?.. does anyone know my options? i already own a house outright here in spain and im scared they will take that off me, i wish i had never bought this second house, but at the time things were better here and i thought i would get it rented out all year..yes big mistake i know. i dont want to do a runner, like so many people i know, but im getting no advice, this is when i soooo miss the uk, can anyone tell me what they would do? if i sell it at a loss i havent got the shortfall, and my owned house is my life savings.



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26 Feb 2008 6:03 PM by mariadecastro Star rating in Algeciras (Cadiz). 9419 posts Send private message

mariadecastro´s avatar

Maybe another bank could offer to you better possibilities. Have you tried? 



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Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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26 Feb 2008 6:25 PM by Esteruca Star rating in Costa del Sol. 64 posts Send private message

Can you rent the property long term? Even if doesn´t cover the full mortgage and comunity costs it could be a good option.

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Esteruca



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26 Feb 2008 6:52 PM by mariadecastro Star rating in Algeciras (Cadiz). 9419 posts Send private message

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Justin is about to launch a great product for secure rentals.

I am also with Esteruca.. why do not you try?



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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