Negative equity

2000% is a very large increase? I wonder who you have a mortgage with.

However that is not much you can really do as when you take out the mortgage you obviously signed the documents stating you are responsible for the payments therefor you must continue paying, if you walk away and give the keys to the bank they will still chase you for the debt. 

If you stop paying and wait for the bank to repossess the property they will if they can sell the property for what they can get but the shortfall would still be your responsibility.

Maybe you could find someone who would be willing to take the property off your hands and take over the mortgage but this would still incur costs to you and whoever you have the mortgage with would have to vet and agree the terms with the new owner and confirm they would be able to afford the repayments..

Banco Sabadell but it was originally a Halifax  mortgage sold to BS. 

I have heard there is an 80% revaluation ruling for the banks and companies that can negotiate the debt.

I am not aware of this ruling so I suggest you speak with the bank.

If they do a revaluation you will obviously have to pay for this, and it may give you a shock, you may be in more of a negative position than you think.

Um, please don't think I'm being condescending but have you read it correctly. A 2,000% rise sounds unlikely unless your starting point is miniscule eg 0.001% rising to 2%.

If we (British) were writing the number one thousand and no decimal points (for example Pounds/pence or Euros/cents) we would write it thus:   1,000.00 but in Spain it would be written like this: 1.000,00 with the full stop and comma transposed.

My payments are going from 43 euros to 850 euros. I am after some help.

........ and I couldn't give any.

I'm so sorry, I hope you can resolve this. Good luck.

Surely you must have realized that a payment of 43 euros would have to increase one day and I am sure your mortgage adviser  would have informed you of this before you took out the loan and you would have  agreed to the terms.

Banks will try to help but possibly in your circumstanced they will not be able to assist you.

Have you been into the bank and told them your situation,

You are not the only person in this situation read this article from Murcia Today.

https://murciatoday.com/region-of-murcia-has-highest-eviction-rate-in-the-country_1651676-a.html?Banner=18,63&signup=off

We were in a similar position with a Caixa mortgage 13 yrs ago, bought house  with interest only mortgage until we sold 1st house, but the interest only part only lasted 2yrs (didn't realise that) then jumped astronomical from 150€month to over 1000, mnth, can't recall now. We stuck it out for further 2yrs at high payments and finally after selling 1st house paid mortgage off. I sympathise it was a huge shock. I, m sorry I can't suggest anything except will the bank renegotiate the terms to continue on lower payment until you can pay more. 

Regards 

Pauline 

Firstly, you should check your paperwork to understand if the rate increase was properly explained - it probably was, but occasionally banks make errors.

You then need to accept and understand your error, so you don't do something similar again - simply, if you had a mortgage of, for example, €80,000 and were paying €43 per month, which is about €1,000 per year, how long did you think your mortgage was going to be - 80 years?

Looking forward - closely look at your income and outgoings. Although it's a big jump, can you actually afford the mortgage if you cut down on spend elsewhere - you need to be harsh, or you'll lose your house.

Finally, you may be able to extend your mortgage period and/or swap to another mortgage with a lower rate of interest. What interest rate are you paying? You should be able to get a mortgage for about 4%, so if you're paying more than that you should look for other options - depending on your age, income, etc. which would reduce the monthly payments