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Spanish mortgage arrears and CapQuest


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Hi,

In 2005 I bought 2 Spanish properties worth about 250k Euros each. In the last 6 months, I have missed payments and have recently been sent a letter from CapQuest stating that the Spanish bank, Caixa Galicia are now asking for all the arrears and the full capital to be paid.

I spoke with the person allocated to this case and said that I was having cash flow problems, and that my house in the UK was up for sale to raise some capital and improve my cash flow.

The letter states that if nothing is done, then the properties will be auctioned and I will then be chased for the shortfall. At the moment, prices in Spain are rubbish, so I know that the shortfall will be significant.

My question is, what can the bank/CapQuest legally do? Can they, as it states in the letter, pursue me through the High Courts here in the UK?

 

Dolfy.

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