We were contacted by an elderly couple regarding a property in the popular area of Duquesa Village in the Costa Del Sol. This had been their dream holiday home however it started to cause them considerable stress when they began suffering with age related illnesses and found themselves in financial difficulty. With all the adding costs, they were struggling to keep up with mortgage repayments and felt that there was no way out. Worse still, they also had an active mortgage in the UK to maintain.
The outstanding Mortgage balance on this property was €210,000 and the property had an estimated value of just €115,000. This meant that the property was in negative equity. They also had tenants in the property who were refusing to leave in a timely manner.
Through lengthy negotiations EU Property Solutions secured the voluntary surrender of the property and a complete debt write off allowing the couple to enjoy the rest of their retirement.