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Thread: Home Repossessions in Spain: A Legal Perspective

  1. #81
    David Lightbown
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    Default Bank Repossessions in Spain: A Legal Perspective

    A very informative site.
    I have talked to 2 banks for friends of mine who have problems and I found them helpfull but being able to talk to them face to face was the key. I have had a call from another person who has asked me to speak to his bank and the information on this site will help me help him Thankyou PS I am aware that a little knowledge can be dangerous

  2. #82
    Senior Member
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    Dear David,

    Thank you for your kind words.

    That's why I've posted over and over again that it's important to build rapport with your bank. You must meet them in person, speak to them, let them know of your financial situation and that you are willing to help not to just walk away of the problem. Banks greatly appreciate this and can return the favour through interest-only, waiving commissions, daciones en pago de deuda (handing over the keys to the lender) etc.

    Your bank is not the enemy, it's the debt incurred. It's extremely helpful to get along with your bank always.

    Yours faithfully,

  3. #83
    K.B.
    Guest

    Default Bank Repossessions in Spain: A Legal Perspective

    Dear,
    We are British homeowners (in Spain). WE have two properties in Spain, both on mortgage, my husband was made redundant in June, we went both to the first house bank (they are in different bank) and we have given the Manager the paper for redundancy, he put it on his desk and I was quite sure he will do nothing of it. lately we started being harrassed by the branch manager to pay four remaining quotes since July. My husband tried to explain he lost his job but at the end he went to Spain for the second time today to up to them sign a remortgage, firstly as they are very far from were my husband is, he asked the ''Manager ' to explain to him and send him in writing how much shall we be paying exactly after the 3 years of temporary remortgage they are giving us (I dont unserstand why it has to be 3 years and not a remortgage as normaly should be as we are only 40 yrs old and this house has been mortgaged for 15 yrs only and given ur age we can extend upto 35 years if Iam not wrong. Anyway, the manager showted at him that she cannot give him anything in wirting and told him anyway he has to come back in January to sign they cannot do it now (we do have all her emails anyway abt the situation and the different stories she was saying so far) my husband said he cannot go back as he has a job offer for january, she distroyed the documents she has to give him to sign and told him to go to court... I was very surprised when he called me and told me how they behaved, i called her and she said i cannot talk to you , we have wasited too much time on you.... and hangged up the phone on me. Very professional though... Anyway, Iam worried we leave the situationas it is because they are not giving us any choice and they will start chasing our other property for debts against the first one... please hel,,,, we are so confused. Regards
    K

  4. #84
    Senior Member
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    Marbella
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    Dear Madam,

    I'm sorry to hear your case which sadly has become commonplace.

    Your lender is now probably going to repossess your Spanish property. If there's a shortfall after they've repossessd you they may pursue your UK assets as well. It's similar as to how it works out in the UK:

    Banks still chasing families for mortgage debts after repossession

    The details on how this works in Spain are explained in the article that starts off this thread.

    Yours faithfully,
    Raymundo LarraÃ*n Nesbitt

  5. #85
    Martin and Adrian
    Guest

    Default Bank Repossessions in Spain: A Legal Perspective

    We have two mortgages in spain one on each different property. For over 12 months now we have not paid any mortgages because we have tried to negotiated with our bank (Bano Popular) the way forward they have for 9 months given us false hopes and we complete on Wednesday on the sale of one property. We sold the property at 229,000 euros and had a mortgage of 150,000 euros but unknown to us the bank has taken some mortgage of our 2nd property and put on the first property with arrears and the buyer is having to pay they extra another 24 thousand euros we have lost all the profit and our buyer is paying in total aroun 252,000 euros. We do not get anywhere with the bank and feel let down the other property is in profit and we only now have 169,000 euro mortgage we cannot service this mortgage and we have asked for a complaint form for at least 9 months whioh they keep refusing to give us one. Is there anything we can do. We have lost everything like many others but want to stay in spain as the uk in our view is finished.

  6. #86
    IzzyM
    Guest

    Default Bank Repossessions in Spain: A Legal Perspective

    My neighbour was about to be repossessed on two houses in this village, so she sold off all the contents for next to nothing before leaving for the UK.
    However, she also ripped out all the bathroom fitments, sold all the internal doors and frames, a complete fitted kitchen that the builder had installed, and all the swimming pool housing contents.
    The bank doesn't know the extent of the damage yet as there is a fiesta here just now. I am interested to know what kind of penalties she will face?

  7. #87
    IzzyM
    Guest

    Default Bank Repossessions in Spain: A Legal Perspective

    Also, I have just witnessed the descruction carried out in the second house, an old townhouse, it has been vandalised, there is no other word for it, everything, cupboard, doors, chimneys, bathroom fitments, have had a sledgehammer taken to them. It's ruined. The other house was new - only 6 years old but has been reduced to bare shell, still with external walls, windows, and doors only.
    I am worried because this lady plans to return in a few weeks to collect the payments owed for the last of her belongings that she left with a friend to sell. Is this damage considered 'criminal'?

  8. #88
    deblew
    Guest

    Default Bank Repossessions in Spain: A Legal Perspective

    My parents live in Spain permanently. Their property is worth approx 300,000 euros in today's market. They have a small mortgage, 25,000 Euros, but as retired folks have minimal income. They are now struggling to meet the monthly payment of 400 euros. They have approached the bank who refuse to let them go on to interest only payments. They are looking at Equity release but cannot get this whilst they have a mortgage. They feel their only option is to hand the keys to the bank. Can you suggest any alternatives?

  9. #89
    doris
    Guest

    Default Bank Repossessions in Spain: A Legal Perspective

    Thank you for this informative site.

    A friend of mine is in a similar situation and having defaulted on payments for over a year, he was niave to think that the bank would just repossess the house and that is all.

    As I have read from here, since he has defaulted he can no longer just hand over the keys. What is your best advice regarding this? He has received a letter from a UK based debt collector offering a 20% discount if the debt is cleared within 30 days... does that mean the debt has been sold from the Spanish bank to a debt collector now? I'm not sure if that means repossession is in progress? I believe the mortgage sum outstanding is not massive (around €70,000) although it is significant. If he has no means of paying this, will the debt collector (whether acting on behalf of the bank) accept repossession??

  10. #90
    Senior Member
    Join Date
    Oct 2008
    Location
    Marbella
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    Dear Martin and Adrian,

    You can write a complaint and send it to their Complaint´s Department. If they are not forthcoming with areply you can then lodge a complaint before the Bank of Spain on your matter. In this case their complaint´s department is centralised in Madrid:

    http://www.bancopopular.es/popular-w...on-cliente.htm


    Yours faithfully,
    Raymundo LarraÃ*n Nesbitt

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