Non Payment of Mortgage

[phantom]

We can't make our mortgage payments, can someone tell me what the process is when the bank takes the house

[Beachcomber]

The process is called 'Dación en Pago' which is a procedure carried out before a notary but the bank is under no obligation to accept it especially if the current value of the property does not cover the outstanding debt.

For more information see here:

http://belegal.com/articles/showArticle ... -keys-bank

[Jool]

You need to apply to your bank for dacion en pago, the other way is they embargo it, add tens of thousands of fees and then auction it, any shortfall is your debt and follows you throughout Europe. Go and speak to your bank and see if they will re-negotiate or put you on interest only for a short period whatever you do do not just ignore the situation

[patchdog]

Can you not sell thehouse, where areyou, what doyou owe:::

[crazyred]

Speak to your mortgage company and make an agreement. They only seem to be repossessing as a last resort and are usually willing to make arrangements.

[Mowser]

phantom

Are you self-employed and now have no work? Spanish Law:-

"... in order to be able to enjoy the right to benefits due to the cessation of work, self-employed workers must pay their social security contributions continually during a minimum period of 12 months immediately prior to the date of ceasing work. This would give them the right to 2 months of benefits."

[Jool]

Only if you pay the additional sum of money to get this extra benefit I believe Mowser?

[Jool]

I had to go to the Property Registry yesterday and on the wall was 3 A4 pages detailing the basis on which property home owners can legally insist on changing their mortgage terms.....it emphasized that you needed to use this info to pressure the banks and basically not take No for an answer. It seemed to cover a wide basis of property owners in trouble, maybe you Registry could help you out too?

[Mowser]

Maybe a bit late but there's an article here:-

http://www.eyeonspain.com/spain-magazin ... fault.aspx