Pain in Spain

a33lex

I would be interested to find out how you are progressing with RDT abogodas

IggysMum

cclarke12 wrote: »

I am currently trying to get CAM bank to agree to a dacion en pago (handing back keys and debt being written off). I have hired RDT abogados who have offices in London to try and pursue this for me as I have got nowhere trying to sort this myself. CAM bank are quite frankly corrupt and have told endless lies and misled us over the years, but I was getting nowhere so felt no option but to appointment a lawyer on a fixed fee to try and see if they can make more progress. I don't know that we'll be successful but it is worth a go and they claim to have a lot of success. What is already clear is that bank are going to put up a real fight.

Our place has been on the Market for 5 years but noone is buying at the moment, even at half the price of the original bank valuation. We were naive and have been told by several lawyers that at the time the bank managers were giving valuation people backhanders to over value properties so that non-resident mortgages went through and they got their commission.

Hi! We are about to use RDT Abagados as my parents have a holiday home in Spain but unfortunately my Dad has been diagnosed with early onset dementia (he's only 65) and is now unable to drive in Spain (which is a must where he has bought) and will pretty much be unable to use the home. We are worried that dacion en pago (handing back keys and debt being written off) is too good to be true. Have you had success? Please help. Many thanks

Conrad

cclarke12 wrote: »

the bigger issue is corruption and the constant lies from the CAM bank, which included them telling us and thousands of other (mainly Spanish) customers that we should put money into safe savings products which turned out to be anything but

A little motto I live by these days > 'extraordinary claims demand extraordinary evidence'. If someone tells me an investment is great, I want a wall of INDEPENDANT evidence.

seven-day-weekend

IggysMum wrote: »

Hi! We are about to use RDT Abagados as my parents have a holiday home in Spain but unfortunately my Dad has been diagnosed with early onset dementia (he's only 65) and is now unable to drive in Spain (which is a must where he has bought) and will pretty much be unable to use the home. We are worried that dacion en pago (handing back keys and debt being written off) is too good to be true. Have you had success? Please help. Many thanks

I don't think the dacion de pago applies to holiday home owners, unfortunately. I think it is only for Spanish residents. I may be wrong though. Your parents will need to contact the bank in Spain (use a gestor if necessary).

Good luck.


(Edited to add):

I've found this, which may help you decide whether this procedure is suitable for you - it seems as though it is only for people who are threatened with repossession:
http://belegal.com/articles/showArticle/spanish-mortgage-dacion-en-pago-handing-keys-bank

FraudBuster

Spain's BBVA bank plans fire sale of toxic housing stock

With Iberian house prices in freefall, bank says it will sell off thousands of properties at any price necessary

http://www.guardian.co.uk/world/2012/jul/31/spain-bbva-bank-housing-sale

a33lex

IggysMum wrote: »

Hi! We are about to use RDT Abagados as my parents have a holiday home in Spain but unfortunately my Dad has been diagnosed with early onset dementia (he's only 65) and is now unable to drive in Spain (which is a must where he has bought) and will pretty much be unable to use the home. We are worried that dacion en pago (handing back keys and debt being written off) is too good to be true. Have you had success? Please help. Many thanks

The reason I ask is like you I am looking at RDT Abogodas also .They claim that they can get the bank to take back the property even though in negative equity and with no liability.They state that they have won hundreds of cases on the basis that the properties were overvalued.Has anybody used RDT Abogodas as they say they have offices in UK but appear to be virtual ones.They want monies upfront to take on the case.

cclarke12

Sorry have only just come back to this thread after a couple of months. I don't really have much of an update on RDT as yet. I submitted financial information to the solicitor they have appointed for me in Spain and she has been in touch with CAM but they are being really obstructive. First of all they would not deal with her without signed consent from me, and now they continually deny receiving emails or letters from her relating to our case. I had been warned that CAM are amongst the worst of the banks to deal with, and in fact I can't even get them to acknowledge and correspondence from me on other matters either. They seem to work on the basis that you give up if they ignore you. Unfortunately, it wasn't buying Spain that was the worse financial decision I ever made, it was banking with CAM!

As things stand the solicitor has advised me to expect things to take time (as always seems to be the case in Spain) but that we must remain persistent and that we may reach a stage where things will only be taken seriously if I actually default on the mortgage.

So at this stage, who knows! I have paid half the fee but they don't get the remainder unless they are successful. My gut feeling is they are legitimate, but that things happen very slowly in Spain and I think the time frames they initially suggest for resolution are optimistic. In terms of my overall dealings with them the have been responsive in terms of dealing with my calls and emails.

IggysMum

cclarke12 wrote: »

Sorry have only just come back to this thread after a couple of months. I don't really have much of an update on RDT as yet. I submitted financial information to the solicitor they have appointed for me in Spain and she has been in touch with CAM but they are being really obstructive. First of all they would not deal with her without signed consent from me, and now they continually deny receiving emails or letters from her relating to our case. I had been warned that CAM are amongst the worst of the banks to deal with, and in fact I can't even get them to acknowledge and correspondence from me on other matters either. They seem to work on the basis that you give up if they ignore you. Unfortunately, it wasn't buying Spain that was the worse financial decision I ever made, it was banking with CAM!

As things stand the solicitor has advised me to expect things to take time (as always seems to be the case in Spain) but that we must remain persistent and that we may reach a stage where things will only be taken seriously if I actually default on the mortgage.

So at this stage, who knows! I have paid half the fee but they don't get the remainder unless they are successful. My gut feeling is they are legitimate, but that things happen very slowly in Spain and I think the time frames they initially suggest for resolution are optimistic. In terms of my overall dealings with them the have been responsive in terms of dealing with my calls and emails.

Hi! Any further updates you can offer re: RDT?

cclarke12

Just thought I would do a quick update as several people sent me PMs over the last months to enquire. We still haven't reached any resolution with CAM bank (now Banco Sabadell). They have used delaying tactics saying they couldn't do anything while bank merger was taking place. Despite months of chasing by the lawyer and by us they now refuse to answer emails or respond to calls (they person the lawyer needs to be speak to is never available). They clearly have view that if they ignore us we'll keep paying the mortgage and go away.

The lawyer from RDT called on Friday and suggested that at this juncture the only course of action that will get reaction is to default on the mortgage. We've sent an email to bank again this week to say we have tried everything we can to reach a resolution with them and that we have reached point we are unable to service the mortgage anymore.

So we haven't got resolution yet, but RDT have been responsive and in communication with us. The Lawyer says that our case has been a tricky one simply because the bank refuses to engage in any communication at all. They still maintain they are having success in such cases elsewhere, including with other branches of our bank.

I will report back on progress when we have any!

ILW

This may be a daft question, but why do you think you should not repay the loan?