Foreign investments acquire 100 million euro portfolio from Spanish bad bank

H.I.G. Capital Announces the Acquisition of the First Property Portfolio Sale by Sareb
• The transaction values the portfolio at €100m.
• The portfolio comprises close to one thousand homes, primarily located in the community of Valencia, Andalusia, Murcia, the Canary Islands and Madrid.
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European Court rules Spanish mortgage law is abusive

The European Court of Justice on Thursday ruled that Spain’s mortgage law is incompatible with a European directive on abusive practices in consumer contracts, opening the door to more legal protection for households facing eviction from their family home.

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Brussels gives go ahead to Spanish banks restructuring

The European Commission has approved the Spanish government’s plans to restructure four troubled banks.

Bankia, Banco de Valencia, NCG and Catalunya Banc were nationalised after experiencing heavy losses on loans to homebuyers and property developers. More..

Spanish banks suspend evictions

The Association of Spanish Banks (AEB) has this week issued a temporary freeze on all evictions of “vulnerable homeowners,” following protests after a woman killed herself on Friday moments before she was going to be evicted. It was the second suicide of a struggling mortgage holder in the last three weeks. More..

Will Spain’s bad bank work?

As I mentioned not too long ago in article, the Spanish Government would be setting up a ‘bad bank’ with the aim of buying up ‘toxic’ properties and land assets in the country in an attempt to clean up Spanish banks finances. More..

Will Spain copy Ireland?

The Irish ‘bad bank’ has chosen to demolish the ghost towns that were created during Irelands property bubble, at least that is how is has been reported in eleconomista.es. The question for me, is will we see the same happening in Spain? More..

Banks under pressure to finish building Costa del Sol properties

The governments most recent financial reform is forcing banks to dig themselves out of a hole that they helped to make in the first place.

Mortgage default and repossessions mean that now financial institutions are the owners of around half of the 6,792 unsold new properties on the Costa del Sol (according to a recent repost by Aguirre Newman). Now following Spain’s most recent financial sector reform this stock of real estate assets and loans granted to developers are costing the banks more and more in the form of provisions. As a result they are doubling their efforts to sell, which in many cases implies first finishing off the construction work where indebted developers left off.
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Spanish banks and a code of practice

By Royal Decree the Spanish Government has implemented a voluntary ‘Code of Practice’ for banks to help solve the problems created by evictions. It will create a series of mechanisms to be applied by all banks (who have signed up) to prevent low income families losing their homes by restructuring their debt, maybe reduce it or even hand over the Spanish property in lieu of payment.
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Bank chasing you over your mortgage on your property in Spain

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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Spanish bank seizes UK assets

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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Spanish banks may be forced to build or sell

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.

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Spanish bank provisions to double

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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Bank repossessions Costa del Sol

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.

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Tenants and repossessed properties

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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Spanish repossession and distressed property

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.

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