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sexy
| 30-10-2008 06:31 PM |
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Joined: 30 Oct 2008 Posts: 1 | Hi Can you help my Partner and I, we have three properties in Spain all with mortgages.One is a repayment mortgage on a two bedroom apartment the payment per month is 900 and value when purchased was 165000. over two years ago.The one bedroom apartment was purchased for 105000.00 and the mortgage is interest only with a mortgage of 80000.00(400.00per month).The third property is a large villa 330sq metres was 276000.00 with a 100% mortgage.This costs us 1500 per month.UCI bank will accept 600per month . What we need to know if we handed back the keys on the villa will we be pursued in the UK.The lawyers in Spain seem to think we wouldn't be we need professional advice as the mortgages are crippling us financially. There is no work in Spain and we both need to come back asap we have been out there for three years and thought that investing in property at that particular time was a sound project .They are all in the region of Almeria. |
| paladin | 30-10-2008 09:46 PM |
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Joined: 06 Jun 2007 Posts: 99 My Profile | Yes, I am going to say it, hi sexy! Before, I start to say anything, I must remind you that anything we do say is just our opinion based on information you have supplied. I am not an expert in foreign bankruptcy. As far as my understanding has it The EC Regulation on Insolvency Proceedings 2000 obviously covers the member states in the EU. Therefore, if you were made bankrupt in Spain, formal action can be taken against you in any of the member countries. So in your circumstances if you were to move to the UK and bought a property, the Spanish creditors could place a charge on the equity of your house. I looks as if you don't have many options. It seems the worst case scenario is to stay in Spain with no prospects of a job and loose your properties. In handing back the properties or selling them and moving back to the UK, you'll have the small chance that the creditors will not pursue you, but a better chance of getting a job. The shortfall in your properties will be classed as an unsecured loan, which if you file for bankruptcy will be written off. Of course if you find a job you may be able to pay off the short fall. I'll ask around and see if I can get a professional opinion on this and get back to you. Cheers P |
