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We were contacted by a couple who owned a property in the picturesque area of La Cala. They had advised us that the mortgage repayments had increased dramatically. They were no longer able to keep up with these due to several financial pressures and the hike in repayments. To make matters worse, the outstanding mortgage balance stood at £190,000 yet the property only had an estimated value of £100,000 meaning the couple were in negative £90,000 in negative equity, a balance that they could not pay.
As the couple were in their retirement years, they wanted to protect any savings they possessed, should any ill health arise in the near future.
This case was particularly challenging due the fact that the property was tenanted. Furthermore, the occupants had resided there for some time.
It appeared that initially the tenant did not wish to vacate the property.
However, working with all parties, we assisted our client in negotiating an amicable settlement with the occupants. This meant that we could begin the process of selling the property.
After lengthy negotiations EU Property Solutions along with the legal team in Spain managed to secure the voluntary surrender of the property and in this circumstance a complete debt write off for our clients. This allowed them to move on with their retirement years without the burden and stress of debt.