We recently located a debtor for a major High Street Bank, who were the second mortgagees and were facing a debt of £300,000.
The first mortgagees had taken possession of the Debtors main residence and are attempting to sell the property but will still be facing a shortfall in the region of £1,000.000.
Neither Bank knew of a Spanish property until we located the debtors Villa in Spain. The Villa is currently owned outright by the Debtor (no outstanding mortgage) and the property is currently valued at €1.5m.
As the first mortgagees are not aware of the Spanish Villa it has now allowed our client (the second mortgagee) to commence proceedings to secure their debt of £300,000, safe with the knowledge that the first mortgagees are completely unaware of the Spanish Asset.
We supplied the Land Title from the Spanish Land Registry “Registradores de Espana” to verify the ownership.