09 Aug 2011 12:15 PM:
Sandra, I had a long conversation with my bank as I'm in the same position. Spanish banks (and UK banks!) will not simply accept keys back. it's not that simple.
The situation is that you borrowed money from them and they want their money back no matter what. They will not allow you to simply walk away from your debt. If you sell the property for less than the mortgage, you will still owe the bank the balance, but at least your payments will be significantly lower than before.
They will put up a fight to retrieve their money so you have to decide whether it's worth paying a solicitor to take them on on your behalf or to come to some arrangement yourself with the bank. In the first instance I would recommend you talk to them and explain the situation and see what they suggest. Each case is individual, unless there is a precedent which we can all use as an example.
I wish it was as simple as walking away from your problems!
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Thread:
Handing back your property
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