Thread: Cant pay mortgage

As the rest here have mentioned, first speak with your bank and let them know what is happening, they definitely do not want more houses than they already and most will be willing to negotiate a solution.

Rather than walk away, have you tried renting the property. There are people who have sold and don't want to buy again or others that can't get morgages. If you can rent and use the money to pay off the mortgage, eventually things will improve, and you can move back in or sell more easily.

CD

Bank is Spain now offer "products" for the people who can not pay the mortgage.
But one thing:
They do not offer this stright away for the customers (especially foreign buyers).
You can only get it, if you don't keep you repayments for couple of months.
Most of the banks have they own policy and you have to go and ask for this.
I mean, they still consider foreign clienta as a goog payers, and don't offer this stright away, you have to press them a little.

Ibermaxx is ight but in order to avoid offering this help many banks will only help if you are up to date on payments and being up to date is usually the problem

I guess the rules for not paying your mortgage must be pretty standard. They will ask for the money, ask for the money in red ink, then they will come and claim your house. I would imagine they will also destroy your credit rating. Banks look out for each other.

More importantly they will destroy yoiur credit rating in your country of origin too. There are a lot of UK lawyers making a good living out of chasing clients who have had to return from abroad - it's not just Spain but France and Cyprus too!

In my experience talking to the lender is the last thing you should do. When I was faced with something similar many many years ago, as soon as I mentioned that I was having a little difficulty, instead of seeing if we could work something out, they bunged in for a repossession when I was only one month adrift.