Legal tip 966. Hand keys back to the Bank VIII
Wednesday, June 5, 2013 @ 3:40 PM
Always take this into account:
Banks are legally obligued to give to your property a minimum value when repossessing it.
This minimum value is now ( after May 15th, 2013), of 70% if it is your first residency and 50% ( if it is not) OF a VALUE which comprises:
Valuation of prinicipal of mortgage loan
Interests
Delay Interests
Legal costs
Much higher, generally, that the market value of the property.
As a matter of fact, there is very low property market in Spain, because... the whole market is controlled by Banks at present. So, enfocing this Mortgage Debt AId Law is the most sensible and fair thing to do as there is really no other way to participate in the...if you can call it so: "property market"
Previous posts of this serie here
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The church of San Antonio, Cadiz, Southwest of Spain