Few clients escape legal action by the bank when it comes to mortgage default. Not even property owners who hand over their keys to the bank and return to their home countries, victims of the financial situation in Spain and with no family or social resources here to fall back on. But the banks have all the time in the world and the law does not prevent them from following up a legal judgement in another country.
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A couple who face losing their house in Britain to a Spanish bank have warned of the dangers of falling behind in mortgage payments on holiday homes abroad.
In an alarming development for the many thousands of Britons who have bought properties in Spain, a bank in Marbella is using EU law to force Carol and Ian Chatterton out of their £300,000 cottage in Wiltshire.
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I have just read an article on spanishpropertyinsight talking about how Town halls have come up a with a controversial but apparently legal way to raise money; by forcing banks to develop land acquired in debt-for-property swaps and charging them for the privilege.
It has recently been announced that the Bank of Spain will be introducing new rules in the next few weeks to double the amount written off by Spanish banks and Cajas (saving banks) when the banks hold repossessed properties for longer than a year.
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I have recently been contemplating whether to post this article or not regarding repossessions. With the market being the way it is (or at least perceived) repossessions in Spain still seems to be a popular topic for those hoping to find rock bottom properties. As I have previously mentioned in previous repossession related articles, a bank repossession in Spain does not in most cases offer particularly interesting discounts/prices nor do they offer the locations that most people are searching for.
A few days ago, I was contacted by a reader who asked me for some advice. The person in question has been kind enough to let me post here her situation. We both thought it might be useful for anyone else who might be caught in a similar situation.
Hi Andrew, I have read your blog with interest and learnt a lot!! Thank you. I wonder if you could advise me on something. I have been renting a property on the Costa del Sol for 4 years.
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So again I thought I would bring up those popular search terms, bank repossessions and distressed sales either in Spain or the Costa del Sol. On the side by of my blog you will notice a category titled ‘top posts’, and lo & behold Costa del Sol Bank repossessions and Bargain distressed property Costa del Sol come in second and third place for popularity.
After the last article on Costa del Sol bank repossessions I received an enquiry about how bank repossessions work in Spain compared to the UK as he was having trouble with his repayments. So please find below the stages that you expect should you (god forbid) have to deal with in the case of non-payments.
As you can imagine in recent months we have been approached regarding repossessed apartments, townhouses and villas throughout the Costa del Sol. Where can they be found, whether we had any, etc…
