Tag: dacion en pago
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Returning the keys to the bank after the death of a relative
One of the first phrases that I learnt when I moved to the UK to work as a Spanish lawyer was “catch 22”. At the beginning I did not have a clue as to what it meant (‘a paradoxical situation from which an individual cannot escape because of contradictory rules or limitations’ says Wikipedia) but…
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Returning the keys back to the bank
A REAL CASE OF A SUCCESFUL DACION EN PAGO This is a real case that we saw in the office some months ago. For obvious reasons, no names will be mentioned. The important thing is what happened and how the matter was resolved. Let me explain what happened. In year 2006 two friends bought…
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Ok, a dación en pago has been approved. Now what?
If you own a property in Spain but you are no longer able to pay its monthly mortgage instalments, one of the possibilities contained in the Spanish legal system is the dación en pago which is the procedure to enable consumers to surrender their properties back to the bank…
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CHANGES TO THE SPANISH LEGISLATION REGARDING FORECLOSURE
Given the increase of evictions and the drama that this carries to the Spanish society, a new Law (1-2013 14th May) has been launched in order to protect those who cannot pay the mortgage. The new law aims at helping those who, if provided with…
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Dacion en pago for non-residents. Do we have a deal?
If you have read the Spanish press this week you will probably have seen plenty of articles on the Government’s new proposal to solve the current problems with those who cannot pay the mortgage. Luis de Guindos, Minister of Economy, will announce this week some new measures to enable consumers to surrender their properties back…
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No way out?
Recently and as a result of the sum of several factors such as the unstoppable fall of the sales of properties and an increase in mortgage defaults, Spanish banks have accumulated more than 150,000 million euros in property assets. Assets which, incidentally, the banks do not want but the truth is that since October 2008,…
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Struggling Britons seek ways to offload Spanish holiday homes
Higher mortgage interest rates in the Eurozone, a fall in the value of the pound and the effects of the recession mean that many Britons who have bought holiday homes in Spain are now struggling to meet their monthly repayments. Our firm has seen a rise in the number of people seeking help to renegotiate…