“A property is in negative equity if it’s worth less than the mortgage secured on it, and it’s normally caused by falling property prices.”
The Spanish property market suffered severely following the global financial crisis with property values dropping significantly. This has become a significant issue for foreign investors who purchased homes in Spain during the boom period pre-2008.
Negative Equity occurs when the value of the property is less than the outstanding mortgage. Given lending practices in Spain where loose during the boom period many overseas borrowers feel “trapped” and cannot off load the property due to negative equity, they are effectively mortgage prisoners.
EU Property Solutions understand the significant burden Negative Equity can have on borrowers but have also developed solutions to give overseas home owners a way out of Negative Equity. Over the years we have developed a legal team operating from our Spanish office who understand the nuances of each individual lender and the process to best assist our clients achieve their desired outcome.
EU Property Solutions deal with all core Spanish lenders and have achieved excellent settlements on the Costa Del Sol, Costa Brava and Costa Blanca, all of which were popular areas for investment for overseas purchasers.
When you initially approach EU Property Solutions our fact find is concise and essential to ensure the best result possible. Our team will discuss the option available to you with all costs transparent upfront. Furthermore, our service is supported by telephone references for those who have benefited from our Negative Equity solutions in the past.
We ask you visit our testimonials page by clicking here to see our past achievements.
If you have a negative equity property in Spain call EU Property Solutions today on +44 330 124 1230.
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