Legal tip 1274. Royal Decree " Second Chance" for mortgage debtors
Wednesday, March 4, 2015 @ 4:52 PM
Recently approved Decree “Second Chance” for mortgage debtors:
– The Cabinet approves extension until until 2017, of the period banning Bank evictions of people living in primary residences .
Collectives that are object of special protection, is broaden:
– Annual family income limit is increased to three times the Public Indicator of Multiple Income (IPREM).
– It includes people over 60 years.
– It includes properties up to 300 thousand Euros. 250 thousands for dation (property back to the Bank).
– It eliminates the application of ground clauses for debtors included in this group
In addition, last February 25th the Supreme Court agreed that banks should repay the extra charged amounts for ground clauses since May 9th, 2013.
In our office we also offer support for mortgage deals to those mortgagors whose outstanding principal amount is inferior to a certain limit. This limit is imposed to Banks for not to repossess properties at lower price than it. So Banks are in many occasions interested on the deal.
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