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This week we are highlighting a successful settlement in Alboran Hills, Manilva in order to advise those of similar positions.
When faced with problematic property debt, there are always options. For instance our client described in this case study initially considered herself “dead in the water” being unable to cope with the pressures of her problematic property in Spain. However after successful negotiations with her lender “dead in the water” is the opposite of her position.
Husband and Wife; Tony and Carol, from North England initially purchased a property in 2008 located Alboran Hills, Manilva. Taking a €135,000 mortgage solely out in her name, Carol financed her new property for the both of them with Banco Sabadell.
Following the economic devastation that plagued all property and financial institutions, Carol was struggling, leading her in search for help. After many years of visiting financial advisors it seemed all hope was lost.
High Income – High Expenses
Earning an income of £30,000 plus, Carol already had a £150,000 mortgage with Lloyds Bank on her UK home and was paying €900 per month for her Spanish Property.
While never actually falling behind on both her mortgage repayments, Carol’s income was just covering the her expenses. In fact Carol was basically earning just to pay her debts, leaving her with less than £100 to spare a month.
After giving up all hope, Tony found EU Property Solutions through an online search. After arranging a free consultation with one of our advisors, a clear strategy was then outlined. Using our network of estate agents & surveyors it was discovered that the market value of the property was less than €90,000. With a shortfall of €45,000 it was not feasible in their current financial situation to pay the remainder balance on the mortgage.
EU Property Solutions
EU Property Solutions specialises in debt strategy and negotiation of all European property debt. With the expertise and experiences of our specialist advisors, a mutual and amicable agreement was settled with Banco Sabadell.
The result, all outstanding debt was settled at the sale of the property. With European property, dealing with foreign lenders on mortgages can be difficult but in most cases there are options available.
Overall a saving of €45,000 was achieved leaving Carol in not only a stronger financial position but also without the burden of their foreign property.
If this situation is something similar to your own, or someone you may know, please contact EU Property Solutions. We solely work to benefit our clients, freeing them from foreign property debt.
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