Have you received a letter from the Spanish bank claiming the outstanding debit of your property in Spain? Did you hand back the keys to the bank or did you just stop paying the mortgage?
When the rise in the Euribor interest rate that governed most mortgages appeared along with the serious economic crisis that Spain faced a few years ago
many people decided to agree a mortgage settlement with the bank directors and handed in the keys of the property.People accepted the bank’s verbal promise of the full cancellation of the outstanding debit. This process is known as dación en pago and it is only valid if it is completed at a public notary complying with all the legal requirements. However, some others just decided to stop paying the mortgage thinking that the bank would repossess the property and therefore the outstanding debit would be cancelled in full.
Now, UK solicitors are sending out letters on behalf of Spanish Banks claiming the outstanding debit in the mortgage and threading to take legal actions in the UK for the outstanding debt.
In many cases, the debtor has not had any news relating to the property in Spain for years so are not even aware if there has been a repossession process in Spain.
If you are in this situation you need to get in contact with one of our English-speaking Spanish solicitor experts on foreclosure process and European enforcement orders urgently, you can get in touch with us for a no obligation consultation and we will study your situation and provide the best legal advice.