Spanish mortgages and repossession
#1
Spanish mortgages and repossession
Can anyone help me out with information about just how quickly the Spanish banks will repossess property if you fail to make your mortage payments? How many missed payments does it take for them to start this process?
I'm currently in the UK and won't be back in Spain for several months - have mailed my bank (La Caixa) but they haven't replied and there's no info regarding this on the mortgage section of their web site.
I'm currently in the UK and won't be back in Spain for several months - have mailed my bank (La Caixa) but they haven't replied and there's no info regarding this on the mortgage section of their web site.
#2
Re: Spanish mortgages and repossession
gee thanks i say so - you've really got me worried now! :scared: Anyone else out there with any more interesting input on spanish banking procedures. lol
Originally Posted by i say so
They dont reposses in Spain - they just break your legs if you dont pay.
If I was you I wouldnt comeback until I had all paid
If I was you I wouldnt comeback until I had all paid
#3
Forum Regular
Joined: Feb 2005
Location: spain
Posts: 46
Re: Spanish mortgages and repossession
i would have thought the best thing to do would be to ask your bank or lawyer who you dealt with when buying, they will put you straight
#4
Re: Spanish mortgages and repossession
thanks dougie, I have emailed my bank but as yet they haven't replied...
#5
Re: Spanish mortgages
Originally Posted by kwerki
thanks dougie, I have emailed my bank but as yet they haven't replied...
#6
Forum Regular
Joined: May 2004
Posts: 85
Re: Spanish mortgages
My understanding is that it is not a quick process and takes a few months (this is Spain after all!).
Try contacting a mortgage advisor out here to ask them, they should know the process.
Try contacting a mortgage advisor out here to ask them, they should know the process.
#7
Just Joined
Joined: Mar 2005
Posts: 16
Re: Spanish mortgages
Originally Posted by kwerki
still no reply from the bank! anyone else know anything about what happens if you fail to make your mortgage payments?
#8
Re: Spanish mortgages
Originally Posted by Robert@Eurosettlers
I don't want to panic you but if I were you I would phone the bank directly and I would do it straight away. Don't worry if you don't speak Spanish as they will almost certainly speak English. If you are concerned about the cost of the call subscribe to Onetel first (www.onetel.co.uk) and it will only cost you 4p/minute. Spanish banks don't hang about when it comes to reposession (especially if the amount borrowed is greater than 50%). Your mail may not have been received by the bank and (presumably) you are risking a large investment on your part. We regularly call our Spanish bank up to midday UK time without any problem.