Originally Posted by Stravinsky
So .... do you think a bank in the UK would pursue someones assets in Spain if the situation were the other way around?
I'm wondering also how SOL Bank knew this couple had another home in the UK ... I assume they must have used the address when they were buying the Spanish property.
Not that it applies to me as I dont have a mortgage, but afaik
my Bank doesnt know anything about my UK assets / address
Apparently what the spanish bank have done can't be done by a uk lender. Ie; if a spanish person buys in the uk ,like this couple, then can't afford to pay & hand in the keys & return to their spanish home , the UK lender is not able to use a ER order in the same way that the spaniards can.
What many people don't realise is that when you take out a mortgage with a spanish bank the foreclosure terms ( all costs, legalcosts, charges, advertising the propert for sale, etc. ) are included from the outset & are usually draconian.
Someone I know who purchased for 300k with a 200k mortgage found that her debt to the bank was not far short of 450k when she had to walk away.
Mary " ten bob millionaires " , I prefer the old one , " all fur coat & no knickers "