I've defaulted on a Spanish Mortgage, taken in my name only. Can the Bank take my UK home purchased in joint name?
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410manzanilla postedWell the Spanish mortgage wasn't secured on your UK home, so the Spanish bank can't just 'take' it. But if you mean, can they pursue you in England for the debt, and could this potentially put your house at risk, then the answer is Yes. Although they would only be able to take half the equity in the UK house - the rest they can't touch.
If you just have a temporary problem for a month or so and can then restart on the Spanish mortgage, then everything should be fine. But if this isn't realistic, then you need to take this problem very seriously - you can't assume that it will remain in Spain.
Can I suggest that you post on this board about your problem: http://boards.fool.co.uk/Messages.asp?mid=11830545&bid=50079. The best thing would be for you to complete a Statement of Affairs - this explains how http://boards.fool.co.uk/Message.asp?mid=11023572. Please put yopur OK house in as your main one (ie in the mortgage and house value figures) and put the Spanish one, converted to Sterling, in as Secured Loan. It might be a good idea to register on The Motley Fool with a nickname that no one else would recognise.
manzanilla
Posted on 08 February 2010 |
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824MikeGG1 posted
Defaulting on a mortgage, whether it is here or wherever, it not usually the best option. The mortgage provider would sell the property as quickly as it can and wouldn't be too bothered about the amount it would get. It can then pursue you through UK courts for the rest.
If you sell it yourself, you would usually get a better price and have less debt to be chased over.
Do you have enough capital in your UK home to clear the negative equity in Spain? If so, that would normally be your best option.
Otherwise, you could well face bankruptcy proceedings.
Mike
Posted on 08 February 2010 | Love 0 loves
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0MORTGAGES FOR SPAIN posted
Overuse of uppercase will be tamed (you can edit your comment to prevent this):
have you had repossesion procidings taken against you yet.if litigation has not taken place ie notice served for a court hearing then you may be able to avoid the bank chasing you back to the uk and indeed clear your debt legally irrespective if you are in unable to pay off the debt. if you contact me i will fill you in on the process and the costs. by the way you will need to use a lawyer and attend the notary with the bank in attendance for this process. richard. madmce@yahoo.com tel 0034 693228922
And now here are some pictures to help lighten the mood
Posted on 20 March 2010 | Love 0 loves
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