09 Mar 2013 4:48 PM:

 

 

....I was trying to be a bit optimistic...as its the weekend !!

Thread: Holiday place in Spain ? do you think it will be a good investment.. longer term ?

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09 Mar 2013 4:22 PM:

 

Spain is not a good property investment now or in the next ten years.

Spain will soon need a bailout and the ECB will provide these funds subject to the Trokia running the Spainish economy.

Spain property prices need to drop another 30/50% at least become buyers might appear on the scene.

Dont buy anything in Spain, renting is the way forward, at least for the next ten years.

Prices only go up when demand exceeds supply.  Go look at how many properties are on the market. One Million plus ???

 

 

Thread: Holiday place in Spain ? do you think it will be a good investment.. longer term ?

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07 Mar 2013 1:18 PM:

 

Dear Baz,

Think your not reading my post correctly mate. Im not blaming any banks about anything.

I am making commerical decisions about my families future. I decided I dont want to pay 2400 euros a month for the next 25 years buying a bad asset and ending up with something that is worthless

Obviously, at the time, I thought spain was a wonderful place to live, work etc,,, but due to the global crisis, it aint like that anymore and never will be in the future.

My main point is do not be afraid of dealing with banks in a robust confident manner. They are stuck as much as everyone else. I was feeling bad at the time about investing all of this money in the house of our dreams, but now its all over I feel so much better and know I have made the right decision and will not regret it.

If you want to live in spain, rent, dont buy. Thats what I learnt !

Hope that clears that up.

 

Thread: Dacion en Pago

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07 Mar 2013 12:54 PM:

Yes you need to speak to the director, although most of them are as much use as a chocolate teapot, as everything has to be referred to their head office, as all decisions are made centrally.

I would confirm everything you say to them in writing my email so you have a copy on file.

What are they going to do. You and me are just the top of a iceburg. They may offer you things like interest only or reduced payments for a while, theyll do whatever they can to keep your name on that mortgage deed for sure.

Of course, there is much talk about these banks chasing you up in the UK and taking your house off you and all that. I dont know if thats true or not. 

Dont let it get you down and stress you out.  You can do it and be free. I was worried at first, but I feel great now its all over and Im no longer paying into a asset that will only go down in value for the future.

Out of interest, the banks valuer valued my house at 50,000 euros less than the mortgage and they still did the dacion !!!!

The option is do you cooperate with them at the minimal cost to them and they get the banks property company to buy it off you.. or do they spend the time and money through the spanish courts trying to reposses it. Its a straight forward commerical decision !

Its obviously not that easy if you live and work in spain as the debt outstanding stays with you till you die. This is why you might have read about spanish people setting themselves on fire outside the banks and town halls as they cant bear to live anymore, that is tragic when life is not worth living anymore.

I am looking forward to seeing a spanish comedian become a politician just like what is happening in Italy.

The Revolution is starting    VAMOS ESPANA !!!!

 

 

 

 

 

 

 

 

 

 

Thread: Dacion en Pago

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07 Mar 2013 12:22 PM:

Hi,

You will see earlier in this thread about my situation.

I had a mortgage of 475,000 euros with La Caxia on a house that I built from scratch.

I told the bank I could no longer pay the mortgage due to lack and explained it was up to them what they wanted to do, either dacion or through the courts, the decision was up to them.

I stopped paying my mortgage payments straight away.

The bank accepted and agreed to a dacion. I paid not one penny in costs or fees to the bank and did not need a lawyer.

Although I have lost the 300,000 euros I spent when I built the house, I am free.

The Spainish banking system is broken. Spain is broken.

Get out now whilst you can. Do not be intimidated by banks.

When Trokia arrive soon, due to Spain needing bailing out - wait and see what spain will be like. It will be a blood bath.

Property prices need to drop another 30%.

I have lived in Spain for 8 years, I have three kids in school in spain, I work in the financial markets as a full time job. The writing is on the wall. Dont beleive what the Spanish government say. The system is broken. The Spanish people are broken.

Be strong with the bank. I was in control and I got what I wanted in the end at no cost and Im now longer tied to paying a mortgage on a worthless property that value will only drop significantly further in the near and mid future.

Im not being negative, I love Spain and all the good things, but the politicians have ruined it and it cant be fixed. You must be strong with the banks.

 

 

 

 

 

 

 

 

 

 

 

Thread: Dacion en Pago

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