can bank take my apartment in spain for arrears?

R

railroaded

Registered User
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18
Hello

I have a house jointly owned with partner who after three years
unemployed has run off to canada. Negative equity 100k arrears 20k.
on interest only. will likely never be able to resume full payment.Just
been asked by the bank to give them access to my estate agent who is trying currently to sell my apartment in spain. Can they take the proceeds
from a property outside the jurisdiction? I have three young kids and no
pension.
 
What exactly do they mean by access to your estate agent, it may only be to see that it is being sold and get a realistic timeframe for sale.
The sale will cost c 5% + of the proceeds and in some cases in the current market there the buyer expects the seller to pay his costs also which can be 10% +

Depending on the values involved they can register a charge against the property or/and can apply to the courts to have a lien put on the proceeds. The costs of all this will be for your account so if the apt is small beer then they may not bother

Have you engaged with them along the MARP process Mortgage Arrears Resolution Procedure this gives you some protection if you can reach agreement
 
Thanks for replying."written authority to deal with estate agent selling your property"
is what is stated in the marp bumph they sent me.Let me get this straight. I have lost the 300k cash I put into the house.then the mortgage payments for the five yrs I lived here. Then too I am in 100k negative equity.Now they want my apartment which in spain at the moment would hardly sell for 150k? Just what protection do you refer to?
 
Quote:
Originally Posted by dereko1969
Plus 1 kid in this thread and 2 in the other???
Why the difference children count over different threads?

Quote:
The kids was a typographical error.
Doubt its a typo!

Quote:
I have three young kids and no pension.
Quote:
I have one child not his aged 8.
I am totally confused!
 
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