cannot afford to keep the mortgage payments up on a property. What possibillitys are there for real estate owners. What bank is flexibel in Torremolinos and what bank is not.
First of all there is a option called ´Dacion en pago´ whereby you come to an agreement with the bank for them to keep the property in return for canceling your debt. While it seems like an attractive solution, there are several points to bear in mind before considering it as an option:
1. The banks are not obliged to offer you this option and it will vary significantly from bank to bank and even from branch to branch.
2. It is an agreement, therefore even if they agree to take the house in lieu of payment of the mortgage, they may not agree to cover any taxes that are due.
3. Even if they agree in principal, it can take many months for them to formalise the agreement.
It can be a very good option if you get agreement from your bank as although you would ownership your property, you would not be put on the bad debtors list. Some banks also let you remain in the property on a rental basis, so that you would not even have to vacate. If you default on the payments or have your house embargoed it could prove very difficult to get any credit in the future.
The first step would be to speak to local bank in Torremolinos, where you have the mortgage, to ask about all the options that are available to you, including the ´dación en pago´. If it is not an option, they may offer other alternatives that will help make the mortgage payments more affordable.
I have heard that Unicaja in Torremolinos is one of the most flexibel banks when it comes to difficulties with your mortgage or your property.
I hope it doesn´t happen ofcourse and that you all will live long and happy in your choosen real estate in Torremolinos or elsewhere on the Costa del sol.
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