# Bankrupt building company while paying my mortgage



## londoneye (Sep 21, 2010)

Hi dear friends,

I would like to ask a few questions with regards to what is the best thing to do in the case of my building company through which I have bought my appartment is now bankrupt. Actually they have been for a while(almost 2 years) and I have been paying the mortgage through their bank. 
2 years ago I have lost my beautiful job in the UK therfore I could not make the monthly repayments but I have contact the bank in Spain stright away to ask if I could repay a smaller amount until my situation would improve. 
The bank Manager told me that it would not be any problem and obviously I have kindly asked if he could write to me what he said. 
I have never received anything in writing since, even after many attempts to contact the bank (phones, e-mails). Only once I have been able to talk to the bank Manager and he said that the only way to sort the case is to fly over from UK. 
I have then decided to come over from UK to ort it out once for all but the Manager was in holiday.... I have even talked to him before flying....
Anyway, I have tried again and again to talk to him about the payments but no calls were answered as well as the e-mails sent(kept them into the private folder). 
1 year ago the bank Manager changed then I have called and talked to him. I have explained the problem and he said the same thing - to come over to talk as he can do something to help me but to bring some pay-slips or any other docs. with my income. 
This time I was blessed to have found a part-time job. When I came to Spain again given the fact that it was very difficult for me with regards to the financial matters, he simply did not even want to talk to me. He just turned around and did not even bother to talk. I was fummmming!!!
Anyhoo my questions are: 

1. Is there anything left to pay as I have paid almost half of the flat when bought it and now the building comp is bankrupt?

2. Why are the bank is not talking to me??

3. What can I do in this moment as I have not made any payments for almost 2 years as I was waiting for the Manager to let me know as what can he do to help. 

4. Additionally I have not received any paper or any docs saying that they are taking me to court or being reppossesed or etc,etc. 

5. What should I do as I certanly would not like to lose my house...

Thank you kindly,
LL


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## xicoalc (Apr 20, 2010)

londoneye said:


> Hi dear friends,
> 
> I would like to ask a few questions with regards to what is the best thing to do in the case of my building company through which I have bought my appartment is now bankrupt. Actually they have been for a while(almost 2 years) and I have been paying the mortgage through their bank.
> 2 years ago I have lost my beautiful job in the UK therfore I could not make the monthly repayments but I have contact the bank in Spain stright away to ask if I could repay a smaller amount until my situation would improve.
> ...


Hi & welcome!

Your situation seems very bizarre. I don't understand why, if you have not paid anything for almost two years, the bank have not been writing to you, or frankly taken posession of the property.

Nevertheless from what you have said you have had a new manager for a year and not seen him yet, so I would strongly suggest that you plan a week out here (try to make an appointmetn in advance to see him). Go and talk to him and then consult with an Abagado (lawyer), or a Gestor and leave them dealing with it.

I can't give you all the answers because your situation seems bizarre but I will answer what i can...


1. Is there anything left to pay as I have paid almost half of the flat when bought it and now the building comp is bankrupt?

Yes - I am sure there will be. Assuming you paid 50% and borrowed 50%, you stil owe the balance of your mmortgage. Just because the construction firm went bankrupt this wouldn't in my opiion change that - you bought the property from the construction firm before they went bust - the bank loaned you 50% - they will want that money!

2. Why are the bank is not talking to me??

I am really not sure. I think here "over the phone" dealings are not so common - whenever I have any queries or issues or problems the telephone staff always tell me to go and see my branch manager. I think you need a fixed appointment and a visit to see him. I find it very hard to believe that for someone who has (to all intense and purposes) defaulted on 2 years worth of payments they won't talk!

3. What can I do in this moment as I have not made any payments for almost 2 years as I was waiting for the Manager to let me know as what can he do to help. 

As mentioned, make an appointment, speak to an Abagado, take any correspondence (you must have some with 2 years of missed payments) to the Abagado and maybe even ask him/her to come with you to the bank.

4. Additionally I have not received any paper or any docs saying that they are taking me to court or being reppossesed or etc,etc. 

This is very odd. Just like UK banks, they tend to write for everything, in fact more so, they send me a piece of paper everytime anyone pays money into my account! I presume they do have your UK address?

5. What should I do as I certanly would not like to lose my house...
Be prompt now, get out here, get it sorted - it's all you can do - sorrry - i woulnd't let the situation go on for 2 weeks without firm arangements being set in stone, nevermind 2 years!!!!


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