Repossession

[Biano]

We took out a mortgage on our owned property in Torrevieja to buy an off plan property 3 years ago.

For various reasons We are unable to complete but due to late building we are to recieve our deposit back and that will go back to the UK.

We have been payying mortgage costs over the last 3 years and feel we cannot afford to sustain these costs.

If we do not have funds in the mortgage account then pressumably the property will be repossessed.

What are the implications to myself back in the uk.

What action can be taken, if any against us even though they have my property which was the guarentee for the loan?

Thank You

[Expert advisor]

Repossession

We need to know if the mortgage is under your name or under another name as it is not understandable that you have been granted a mortgage without you having the Title Deeds of the house.
In the event that the mortgage is not in your name, the repercussions would be to the holder of the mortgage since you would terminate the contract and its obligations.

For further information, please contact us.