We were contacted by a mature couple regarding a property in the well-known area of Playa Vera. This had been a holiday getaway home for them however it began to cause them undue stress and worry when the mortgage repayments increased to £700 per month. They were unable to continue with these repayments and felt trapped.
The outstanding Mortgage balance on this property was €160,000 and the estimated value of the property was just €60,000 leaving a large shortfall. This meant that the property was in negative equity.
The client had significant assets in the UK which included property and ISAS. They were concerned at the possible implications, however we managed to protect their assets.
This was a long negotiation process, as the mortgage had been sold to many companies. However, EU Property Solutions secured the voluntary surrender of the property and a complete debt write off. Needless to say the couple were relieved as this gave them a fresh start.