When looking at various forums and commentaries and see foreign homeowners declaring themselves as “mortgage prisoners”. This term has come from overseas buyers finding that their property has fallen into Negative Equity and that they have no option but to retain the property and continue to pay the mortgage. This is NOT the case.
Options are available. One piece of advice we regularly see online is hand the keys to the lender and don’t worry about it. This is wrong on so many levels and EU Property Solutions are currently in the middle of some cases where the borrower has handed the keys back, forgot about the issue and are now feeling the ramifications. We urge overseas investors to understand that any European Bank under EU Legislation can pursue you in your home state for any outstanding debt. EU Property Solutions have seen clients with charges placed on their property, judgements against them in court damaging credit profiles and even Bankruptcy Petitions.
EU Property Solutions can offer four different routes for homeowners in Negative Equity in Spain depending on your circumstances. All entail disposal of the property and a negotiation to come to a Full & Final Settlement on the Mortgage Shortfall debt.
All lenders are different but EU Property Solutions undertake this work day in day out and we can give the best advice specific to your lender and your circumstances. As always we offer a free initial consultation where we ask you provide the requested documentation and information to allow our advisers to give you the best and most accurate advice possible.
If you are a “mortgage prisoner” and tired of paying for a property which is in Negative Equity then please call EU Property Solutions today on +44 (0) 330 124 1230 to arrange your free initial consultation.
We look forward to meeting you.