Originally Posted by queteden

i bought a house in spain two years ago and am now in negative equity. i don't have much capital in the property as i took a 110% mortgage. the house is now empty and i am living in south america. the question is if i were to stop paying the mortgage and wait for the house to be repossessed what would happen? i don't have any assets in the uk apart from a bit of money in a savings account. would my spanish lender be able to trace me through credit checks in the uk? if so would they be able access that money by going through the courts?

Originally Posted by CazW54

Seems to me you always were in negative equity and don't have any capital in the property, by definition. If the bank sell it will be as quickly as possible and could well leave a much bigger debt than expected- and therefore more incentive for the bank to track you down as it is worth their while to do it. Is it fair on other borrowers to run away from a debt- after all it only puts the costs up for everyone else as the banks try to recover their profits?

Originally Posted by CazW54

...Is it fair on other borrowers to run away from a debt- after all it only puts the costs up for everyone else as the banks try to recover their profits?

Originally Posted by queteden

fair???