A family from South England purchased a property in Alboran Hills when the property market was in its peak, paying over €200,000. The complex was built and finished and shortly after the property market collapsed. The property was rented, but failed to cover the mortgage repayments and thus entering into arrears on mortgage repayments including community fees and IBI taxes.
Our expert team entered into an agreement with the bank and the property was sold at an auction. A shortfall of €70,000 arose, but the bank then agreed to cancel all outstanding debt for €9,000. They also agreed to pay the family’s outstanding community fees and IBI taxes, totalling €16,000.
A SAVING OF €77,000