Bank Repossessed Property Spain
We are proud to announce that we are now able to offer a large selection of Bank Repossessed Spanish Properties provided by some of Spain's leading banks through numerous contracts with Costa del Sol Estate. There is a large percentage of bank repossessions on offer through out the Costa del Sol region of Spain, we have selectively hand picked some of the very best value repossessions for you to view via our company website.
However, it simply isn't humanly possible to list every single property that we have access to! So if you can not find the type of property that you are looking for then please register your interest with us and we will keep you informed as to when a property matching your requirements does become available.
What are Bank Repossessions?
Repossession of property occurs when the property owner falls behind on their agreed mortgage repayments with the bank. Usually after failing into arrears, the owner will ending up paying 'interés de demora' (interest charges) - the bank will however contact the home owner to discuss possible solutions to protect both parties involved. After three months and still unable to keep up with the mortgage repayments, the mortgage is then classed as a "techinal default". The bank will then begin a process in which their debt collection department will be passed the clients details and in a last attempt, try to recover the outstanding debts against the property.
Within two to three weeks of the default with no possibility of retrieving monies owed, the Notary is then informed of the forth coming repossession of the property in question. A repossession order is then brought forward where the courts will then make contact with the property owner, the bank or Land Registry will perform an updated valuation. This will determine whether or not the bank will proceed with the forth coming repossession which will be of high expense on their part, an auction date may be set between six and twelve months after the inital proceedings started, if the property is not sold by auction then it will be kept by the bank. Not all properties are sent to auction, it will all depend on how much is owed by the property in question.
If the property does not reach the outstanding debt via auction, the bank will then chase the former owner for the balance which will leave them in negative equity, in the case there is a mortgage guarantor ... the bank will seek to retrieve the debt owed. Even if the borrower is from another country, the banks here in Spain are entitled to seize assets abroad.
Are you at risk from Repossession?
If you are struggling to keep up with your mortgage repayments, it is advised that you speak as soon as possible to your bank manager to see if you can come to a viable solution for both parties. Burying your head in the sand will not solve anything, in fact you will find yourself in more trouble and face the possibility of losing your home.
We can help market your property for sale, but do not leave it until it is too late!
To speak to a member of our professional and understanding staff, please get in touch by filling out the contact form on our contact page or alteratively - you can speak to us direct by calling (+34) 677 804 804.