Spanish mortgage

[partnership]

Does anyone know the Spanish system operates? Have an apartment in Spain mortgage 88k worth about 50 - 60k. Am paying roughly 700 euro per month on mortgage and bills and community fees but only using a couple of times a year. Don't rent out much just friends and family cos of tax. If we were to consider handing keys back would the Spanish banks come after us for the balance. It is hard to know what to do - we are struggling here and could do with the extra money.

 

[Bronte]

What makes you think they won't come after you?

Do you have much equity in your Irish home?

Have you considered talking to the Spanish bank and getting their agreement to sell and then for you to pay the shortfall off over time?

 

[partnership]

I don't have an Irish home we rent here - long story. We do have some short term debt here so we are struggling. I am only just looking at this now as really did not want to sell - I do believe it will come back up in price over the long term. However I wonder if a financial adviser would say it is a waste of money and we are better off taking the hit on it. Not sure what the spanish bank would do so would like people who have experience of the spanish system to give me the benefit of their advice. I am sure if we do try to sell and come to agreement on the shortfall the spanish gov will probably come up with some tax that we owe to stop it (not saying we owe tax but it is possible).