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Spanish Property "Dación en pago" explained
Spanish Property for Sale, Property Investment, Property for Sale

Struggling to pay your Spanish mortgage?

The economic situation in Spain has never been so volatile, the property market has been in decline over the past couple of years and there are no signs of it stopping any time soon.

Economist are expecting the figures to show that Spain is in massive debt and on the verge of bankruptcy much in the same position as Greece is now.

We expect to see some Spanish banks to collapse and others to merge, what is certain is that banks will either sell their debts to other institutions to collect or aggressively go after unpaid debts themselves.

House prices are expected to fall even further, putting a huge proportion of property in Spain in negative equity, once this happen there will be no way of handing back the keys. If you default on your payments the banks may repossess the property with the option to come after you for the deficit.

If you want to walk away from your Spanish property the only way to ensure that your assets in the UK are safe is to follow an appropriate legal procedure. This legal process is known as a "Dacion en Pago", the agreement will need to be signed in front of a notary and when complete the bank will no longer be able to chase you for the debt on the property, you may however still be liable for any out standing bills associated with the property.

This process avoids lengthy repossession proceedings which can be costly for both the borrower and the lender. In the case of repossessions any associated cost will end up with the borrower i.e. Court costs, legal fees, interest charges etc. none of these cost are involved with a Dacion en Pago. With banks in the future having the possibility to claim against UK assets and employing debt collection agencies to recover outstanding debts, a Dacion en Pago is the only safe way to relinquish the property..

If you need more information, please contact us and we will offer you the best solution through our partner law firms in Spain.

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