IS MY MORTGAGE LEGAL sign with no financial working income
:confused:
Hi there,
I hope you could help me with some advise in to a financial matter.
In August 2007 I have taken out a hipoteca with caixa galicia building society in the city of la coruna, for 70.000 euros, my question is neither me or my partner were working at the time and had no form of income at all, the manager was till happy to sign us on, even without any form of income and only being living in Spain for 3 month also we didn't know anything about how Spanish banks work, my question is? Is this loan valid because to be honest neither me or my partner could at the time speak Spanish that well and in the notario things just got faster and faster even that we had a translator what could not translate many words,, and the person reading it and the bank manager just say that is all the normal formalities, all we know is we have a fixed mortgage for 5.75% for 20 years and forever straggled to pay the loan.
I would appreciate very much our opinion on this matter,, as many friends think this mortgage is not legal, because we had no form of financial support rather than your savings of 13.000 pounds and your house.
:confused::o
your truly, Sarah
Thank you for your reply but my question remains
:confused:
Dear Sir,
Thank you for your promptly reply , but my question remains are this mortgage or hipotecas legal??? you seam to pass on your judgment with out really answering my question.
Can a bank issue loans without looking in to the person power of financial self support, I am not a financial professional but surely in the financial law are terms and conditions and requirement what one needs to comply in order to obtain a loan or mortgage ( work contract, play slips, tax declaration and so on) any of this were not requested from me at any time.
saying this i don't deny my responsibility on the issue, and know like any other individual there are responsibilities.
But in England many loans and credits became illegal through the holes in the financial law exactly because of the same issue. Banks and credit companies issuing all types of loans and credit to people just like me and thousands more and now this debt was been written of by the bank of England due to the errors committed. I have to agreed with you on the matter of shareholder and greedy bank managers wanting big bonuses for new mortgages and insurance sales bonus,, with respect no one had a pointed gun to there heads and making them giving the mortgage or loan and was professionals they are as much to blame as any other scam money making. But the people have the last word as many banks have crumbling down many more will follow....
As a free citizen and the power of free speech I was just a one in the millions of people robed of my finance freedom by this greed and selfish sharks hope the government nails the 50% tax in all bonuses for bank manager and all the Mafia involved in it.
regards, Sarah
:eek::eek: