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A gentleman from the Republic of Ireland had a mortgage on a Spanish property for €286,000.
The lender in question is a Spanish bank. The property was located in La Linea very close to Gibraltar on the Costa Del Sol.
The lender in question we know to be notoriously difficult to deal with, and unfortunately for the client, the value of the property was just €200,000. To further add to our client’s woes there was an embargo on the property for €21,000 for outstanding community fees.
Through protracted negotiation with the bank, it was agreed the property was to be surrendered in to their possession and a write-down agreed. This case took some time, as the lender in question was difficult to liaise with. Further mishaps in the final stages of the settlement were exhausting for both our client and our team, Nonetheless, we saved our client over €50,000 in this case.
If you would like to speak to an expert on your current financial situation regarding a problematic property, call EU Property Solutions today on 0330 124 1230