Are You In Negative Equity and Want to Sell?
A lot of people stuck in Negative Equity and want to sell are calling themselves “mortgage prisoners”. They believe that as they have negative equity they have no option but to continue to pay the property mortgage and continue property ownership. Simply that selling in negative equity is not an option.
From our experience, we can tell you this is not the case. In some instances, the property can be put up for sale and the shortfall settled with the lender, however, in other instances there are legislations involved restricting options to sell. So, it is always it is essential you seek professional advice to understand your circumstances and what options you have.
Many borrowers purchased property in Spain pre-2008 during a boom and now find themselves in negative equity following the much documented “crash”. Many ask “can we sell?” and in response, it depends. Sales are dependent on a variety of factors including your lenders protocol, your circumstances, and the property itself etc. When you approach any professional they should relay all the options available, specifically those related to your lender, ensuring you have advice tailored to your circumstances.
Locations of Worst Case Negative Equity
Specifically, in Spain many are finding their properties in Negative Equity, Especially those in the following areas/developments:
· Bahia de Casares
· Duquesa Golf
· Alboran Hills
· Miraflores (Mijas)
· Princess Kristina
· Corvera Golf
· Polaris World
In summary, you may be in Negative Equity but in some instances, you can sell but in others you cannot. BUT, no one is a mortgage prisoner and there are numerous options available providing you seek expert advice. Call us today on 0330 124 1230.
For more information on Negative Equity and what you can do about it, continue below: