Debt Write-Off- Caseras Del Sol, Spain
Case Study – Development – Caseras Del Sol, Spain
Summary at a glance:
Client – Mr L, UK
Mortgage – 160,000 Euro
Value -70,000 Euro
Shortfall – 90,000 Euro
Community Fees – 4,000 Euro
IBI Taxes – 5,000 Euro
Mr L Struggled to pay his mortgage on his property in Spain and owned a property in the UK. His low income meant borrowing from family at times just to try and keep on top of his bills but his mortgage arrears, community fees and IBI were mounting up with no means of repaying.
Upon speaking to EU Property Solutions Mr L realised he needed to find a resolution before his interest only period ended and he would be put onto a repayment mortgage as he was already struggling at a low repayment level.
After instructing EU Property Solutions, Mr L was guided with full advice through the whole process, reassuring him along the way. Through laboured negotiations, the team were able to successfully get the Bank to agree to take his Spanish property back and absorb all outstanding debt meaning that Mr L was debt free and without the burden of his problem Spanish property. Mr L was able to enjoy his family and home in the UK and move on with his life.
Total Debt Write Off- €99,000