Spanish Mortgage problems

[jose22]

Hi

 

My mum has a mortgage on a small apt in Spain. The repayments were affordable but two years ago rose to an almost unbeareable level. The banks will not remortgage due to her age and are not prepared to enter into negotiations about the repayment level.

Has anyone had dealings with companies that advertise they can help you out of similar situations?

From what I gather they negotiate with the banks on your behalf, you pay a fee but you get out from under a huge mortage with no liability.

Id be interested to hear of any such stories.

 

Thanks

[unclebulgaria67]

Hi

 

My mum has a mortgage on a small apt in Spain. The repayments were affordable but two years ago rose to an almost unbeareable level. The banks will not remortgage due to her age and are not prepared to enter into negotiations about the repayment level.

Has anyone had dealings with companies that advertise they can help you out of similar situations?

From what I gather they negotiate with the banks on your behalf, you pay a fee but you get out from under a huge mortage with no liability.

Id be interested to hear of any such stories.

 

Thanks

 

Companies who advertise miracle cures to debts are mostly taking advantage of people, not solving their problems. They will probably take her money and nothing about the debt will change.

 

Does your Mum live in the UK normally ? If so, does she own her UK home without any mortgage or very little mortgage left ?

 

This is a second home in Spain ?

 

What is the position in regard to the value of the spanish property and the amount of mortgage left ?

 

Why did the payments increase ?

 

I think there could be other options to look at and to get advice from property finance experts. There are UK mortgage lenders who will lend to people of retirement age and there are UK lenders who will loan on Spanish properties. There might be options to change the finance, to pay off the Spanish mortgage and to replace with other more affordable loans.