Can’t pay your Spanish mortgage?

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In the last few years, we have helped a multitude of families who have had difficulty paying the mortgage or who have to stop paying their home mortgage directly due to economic problems.

If you are having problems meeting the monthly mortgage payments, or you defaulting on your mortgage payments, there are several solutions:

  • Negotiate your mortgage conditions with the bank.
  • Sell ​​the house and pay off the mortgage, many times the property is put in the market with the cooperation of the mortgage lender.
  • Arrange a mortgage settlement by giving the property back to the bank requesting the “dación en pago”. This offers the possibility of handing back the keys to the bank to pay off all the mortgage debt. If this is successful,you will no longer owe more money and your present and future assets will be safe.This can even be applied in cases of negative equity.

The bank is not forced to agree to any mortgage settlement, but due to the existence of abusive clauses on many mortgage contracts, it gives those with these clauses in their contract an asset to negotiate a good mortgage settlement and/or to judicially oppose the embargo in case of a foreclosure process.

There is also a “code of good practice” to which most Spanish banks are attached to and should facilitate a mortgage settlement for the benefit of the mortgage debtor.

We will study your situation and provide our legal advice under no-obligation.

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