Example of why Britain is a nation of muppets

[anonymous-user]

[redacted]

[Laurel Green]

Article said:

Wiltshire MEP Ashley Fox said: ‘To me this is against the laws of natural justice. I shall be writing to the Commission to ask that they investigate.’

With sentiments like this, there's little hope at all.

[eliot]

I bought my house only 10 years ago (similar value) and would have the equity clear the spanish problem.

edit;spooling..

Edited by eliot on Sunday 28th November 15:44

[Eric Mc]

They don't mention in the article why the repayments "became difficult". They and the lender must have thought that they could afford the repayments when the loan was taken out. What has happened since to make the bank change their mind?

[fido]

Not on clothes or plastic surgery, so they must have a PH garage or extremely tasteful interior decor.

[paddyhasneeds]

I don't understand why, let alone how, people on relatively modest incomes buy second homes overseas. It just seems so bloody obvious that one bit of trouble and odds are you're in it up to your neck.

[Eric Mc]

paddyhasneeds said:

I don't understand why, let alone how, people on relatively modest incomes buy second homes overseas. It just seems so bloody obvious that one bit of trouble and odds are you're in it up to your neck.

Because people cannot see any trouble ahead and they thought that, if any trouble DID arise, they would be able to sell the property and clear the borrowings on it.

All of this has come unstuck because the value of the properties have fallen below the outstanding amountts due on the loans.

However, in theory, there is no reason why they couldn't keep making the originally agreed monthly repayments - unless, of course, something has happened in their lives that makes the repayments difficultr or impossible. The article hinted that the loan repayments were now "difficult" but they didn't explain what had happened.

[Deva Link]

The numbers don't make sense - if their UK house is really worth £300K now they must have borrowed against it pretty recently. How would people of their age (never mind on their likely salaries) have been able to get a £250K mortgage from the Halifax?

And if the sale is forced the Spanish lender will end up with next to nothing from it once the Halifax loan is paid off.

And they've got daughters just going into teenage years - have they no concept of how much that costs!

They probably assumed they could rent out the Spanish property.

[Bing o]

bint said:

This is a time bomb waiting to go off. I can see the suicide rate going up as a result.

So, not all bad news then?

[Alfa numeric]

Am I reading this right? They had a mortgage on the Spanish property and rather than foreclose on that the Spanish bank have decided to go for their British home, which wasn't covered under the mortgage? That's quite disturbing.

[AJS-]

They do sound like eejits, but surely the mortgage on their Spanish property was secured against that property in Spain?

[Chris_w666]

Alfa numeric said:

Am I reading this right? They had a mortgage on the Spanish property and rather than foreclose on that the Spanish bank have decided to go for their British home, which wasn't covered under the mortgage? That's quite disturbing.

What that they are dumb? The imbeciles are needlessly in debt up to their eyeballs despite having stable jobs and having had 20 years to pay off a 25 year loan on their home. Overstretching themselves is their fault and I hope the spanish bank win.

[Willie Dee]

Example of why PH is a forum of muppets

• Tonkers posting.

[Sonic]

Willie Dee said:

Example of why PH is a forum of muppets

• Tonkers posting.

"Notes: Contact me for lessons on how to post at a pro level."

Take notes Tonker

[Digga]

Alfa numeric said:

Am I reading this right? They had a mortgage on the Spanish property and rather than foreclose on that the Spanish bank have decided to go for their British home, which wasn't covered under the mortgage? That's quite disturbing.

Yep.

Because;

1.) Their Spanish propertaay is now worth 2/3rds of feck all and,
2.) They clearly signed contracts without proper legal adivce because:

The article said:

..in Spanish law, a buyer taking out a mortgage gives up the right to contest the debt, and this is taken as evidence of agreeing to the claim.

Why do people do this - enter into agreements without proper advice or understanding of the small print?

[Zod]

Willie Dee said:

Example of why PH is a forum of muppets

• Tonkers posting.

I wonder whether Willie might identify with the subjects of the Daily Wail article.

[john_p]

"Haha stupid Spaniards! They'll never chase us for the debts [for this worthless apartment in this ten-a-penny harbour development in a town that nobody ever goes to miles from anywhere decent] because we're in England! Take that, Miguel!"

[Bluebarge]

Alfa numeric said:

Am I reading this right? They had a mortgage on the Spanish property and rather than foreclose on that the Spanish bank have decided to go for their British home, which wasn't covered under the mortgage? That's quite disturbing.

If someone owes you money and has equity in a house, you can take out a charging order against that property and seek an enforcement order to have it sold. That's been English law for a long time and I don't see a problem with it. Debts are to be repaid, not avoided.

[Andy Zarse]

Zod said:

Willie Dee said:

Example of why PH is a forum of muppets

• Tonkers posting.

I wonder whether Willie might identify with the subjects of the Daily Wail article.

I doubt it, he's a famously humourless, feeble-minded, pohfaced Scotch socialist. He would never buy in Franco's Spain.

However, in his opinion oft stated in such threads, the nasty bank is always in the wrong. These poor deceived people were told lies and tricked into buying the Spanish property by evil developers, aided by the criminal banks.

The main thing Wee Willy wants us to understand is that

IT WAS NOT, NOR EVER IS, THE BUYER'S FAULT. THE BANK IS ALWAYS TO BLAME!

[Andy Zarse]

Alfa numeric said:

Am I reading this right? They had a mortgage on the Spanish property and rather than foreclose on that the Spanish bank have decided to go for their British home, which wasn't covered under the mortgage? That's quite disturbing.

I don't understand why you'd think that? You do realise we're all in the EU with sipposedly free movement of goods capital and labour, and with a right to reside in Spain or any other EU country?

Also, say if you sold a car to some bloke who bounced the cheque and ran off to Spain, are you seriously telling me you wouldn't pursue him legally once he headed south of Calais?

Think logically about what you wrote for a moment and you see how silly and well, downright "Daily Wail" it sounds...