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.
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…
