Basically my situation is that I bought my home in Spain (I'm full time resident) in 2005. I was on interest only for quite a few years so when it switched to repayment five years ago I knew I was going to be in trouble as my income dropped drastically due to brexit, a very bad relationship break up and i'd also developed Physical and some mental health issues (anxiety, depression and insomnia).
I approached the bank and asked them to help two months before the interest only period lapsed. I was given a life line by a 'new' bank manager. He offered me a deal that could work for both of us. Pay less now (with capital) and pay slightly more each year. I was really happy with this and was told to come back to sign the paperwork with the bank a week before I was due to finish the interest only period. So I did, only to be told by the now other new bank manager that they'd changed their minds. I was gobsmacked to say the least. I asked the new bank manager for help with my situation. Extend the mortgage term - nope! Longer interest only period whilst I sold my house - no! Anything, NO! I did pay what I could every month around half the amount €1000 but was told by my bank manager not to pay it as I was wasting my money and that they'll take the house anyway not only that the local lawyer confirmed it! So I took their advice.
Five years later I have discovered that my mortgage has been sold to a vulture fund. I only found out because I got a really ambiguous email asking me to contact them. I was scared so asked the local lawyer to call them who confirmed that it is a vulture fund that he deals with on a regular basis. He told me there and then (in an email) that they will accept €290.000 to settle the debt. However, my house is worth at least €400.000 although my debt is the same.
My problem and question is - is can I sell the house for more than the €290.000 to get the money to move out of the house and rent somewhere when it's sold? The local lawyer says no, that I can only sell it for what they are prepared to accept and not a penny more and also that they want to appoint the agent and set the price. I've tried to reason with the lawyer that I'm in a catch 22 situation as although their offer is reasonable bearing in mind they're going to make a killing themselves but I can't afford to move without making any extra money to cover the cost of moving as my work has come to a standstill.
Is it possible I can market my home for the lowest price for a quick sale? I am far from being greedy but can only just afford the basic living costs at the moment and have no idea how I can sell the property and leave with nowhere to go to! I don't really know which way to turn.
I approached the bank and asked them to help two months before the interest only period lapsed. I was given a life line by a 'new' bank manager. He offered me a deal that could work for both of us. Pay less now (with capital) and pay slightly more each year. I was really happy with this and was told to come back to sign the paperwork with the bank a week before I was due to finish the interest only period. So I did, only to be told by the now other new bank manager that they'd changed their minds. I was gobsmacked to say the least. I asked the new bank manager for help with my situation. Extend the mortgage term - nope! Longer interest only period whilst I sold my house - no! Anything, NO! I did pay what I could every month around half the amount €1000 but was told by my bank manager not to pay it as I was wasting my money and that they'll take the house anyway not only that the local lawyer confirmed it! So I took their advice.
Five years later I have discovered that my mortgage has been sold to a vulture fund. I only found out because I got a really ambiguous email asking me to contact them. I was scared so asked the local lawyer to call them who confirmed that it is a vulture fund that he deals with on a regular basis. He told me there and then (in an email) that they will accept €290.000 to settle the debt. However, my house is worth at least €400.000 although my debt is the same.
My problem and question is - is can I sell the house for more than the €290.000 to get the money to move out of the house and rent somewhere when it's sold? The local lawyer says no, that I can only sell it for what they are prepared to accept and not a penny more and also that they want to appoint the agent and set the price. I've tried to reason with the lawyer that I'm in a catch 22 situation as although their offer is reasonable bearing in mind they're going to make a killing themselves but I can't afford to move without making any extra money to cover the cost of moving as my work has come to a standstill.
Is it possible I can market my home for the lowest price for a quick sale? I am far from being greedy but can only just afford the basic living costs at the moment and have no idea how I can sell the property and leave with nowhere to go to! I don't really know which way to turn.
