Bank Guarantee

Hi everyone, this is another appeal to all members of Sierra Golf, both living there permanently, semi permanently or just in name only (like ourselves)

IS THERE ANYONE WHO BOUGHT A HOUSE ON SIERRA GOLF AND WAS GIVEN ANY FORM OF BANK GUARANTEE. ESPECIALLY FROM BBVA, WITH BUILDERS PROCOBAR AND MASA. GENERAL BANK GUANTEE OR INDIVIDUAL? ANY HELP WILL BE VERY GRATEFULLY RECEIVED.

Procobar have now gone into Administration and we are left with nothing.

Rosemary

Is there not one resident or would be resident of Sierra Golf who was provided with a Bank Guarantee from Procobar, Masa or Atlas? The bank involved was BBVA. If you do not feel you want to share this publicly could you pm me please and/or copy Costaluz Lawyers in. Thank you.

This message was last edited by M11Block on 16/09/2013.

Hi there

I would love to give you a positive answwer, but honestly, I have no idea. (as it is so long ago)

 

I would say a lot of people are in the same boat and cannot remeber, hence the radio siilence

Most people purchased their houses 6 or 7 years ago.

I really hope you get a positive outcome from this.

 

Regards

 

Jason

Hi Jason, thank you so much for your reply, I really did think someone would remember if they had had a bank guarantee given to them. Procobar are now in Administration and there seems little hope of us ever seeing our deposit again, even though we won our case against them in 2010. The delays from the court and the bank BBVA, who believe it or not refused to release a Procobar account to the courts, has meant that Procobar have now gone into Administration and all assets, bank accounts and everything else, including sentences against them have been frozen. Maria seems to think if we can get some copies of bank guarantees between Procobar, BBVA and the buyers on Sierra Golf, even though we never got one, we would have a chance of taking the Bank to court using the Ley 57/68 which Keith Rule won their case with. If you hear of anyone who did get a copy and maybe still has it with all their paperwork, we would be grateful if you could let us know. Thank you once again, only sorry we aren't neighbours, but after putting our deposit on a house and hearing nothing from Procobar for over 3 years you will understand that our circumstances changed and we could not risk investing any more cash, as originally we were going to sell up here and retire to Spain. Thank goodness we never took that final step or we too would be bankrupt by now. Regards Rosemary

Hi Rosemary, we bought in 2004 and were told that MASA did not give bank guarantees.  I know this does not help you but why not pursue MASA in Alicante or the BBVA and see if you could come to some sort of deal to get one of the sites repossessed properties.  You have paid a deposit so why not try for a house instead of your money back.  There is a very good community on Sierra Golf and I am sure you would enjoy a property here.

Good luck 

Steve

Hi Steve, yes we have tried Masa and BBVA, Procobar work from a PO Box in Murcia and their post is then taken to Masa office in Alicante. Masa who's name is the header on our contract deny any links with Procobar and refuse to acknowledge us or become involved. BBVA are the bank who have ignored the court sentence against them to release money from a Procobar account that had been identified by the court so they don't want to help us in any way.

We would love to live on Sierra Golf and have been several times over the years stopping for a chat with the residents. When Procobar refused to pay us the money after the court judgement Maria and Costaluz went back to court to obtain a judgement to seize accounts and assets from Procobar and seized a property on Sierra Golf, an Eagle just next to the swimming pool, however this cannot be auctioned now as it is has been frozen along with all properties and accounts owned by Procobar. We are now creditors and would like nothing better to negotiate for our original property, an Open on M11 or the seized Eagle also on M11. You would think that Procobar would be only too happy to settle their debts with the empty properties on Sierra Golf and other unfinished developments. This option seems an excellent solution to us but apparently not with the courts or the Administrators, that's why Maria has suggested if we had even a few copies of Bank Guarantees (we have one so far) we could approach the BBVA to push the law 57/68. Otherwise we just have to wait and see if we get anything back as creditors in the bankruptcy case.

Thank you for your reply and support and hopefully one day we could join the community on Sierra Golf. Rosemary

HI you mentioned atlas we went through them put deposit down in Oct 2006 had a, bit of fight but we had seen house not inside because of inability to get over the large hole.  But it was there in 2006  We insisted we completed  Jan 2008. Despite being told possibly no electric.... but we are not with bbva.. We are with bankinter  went to  elche 11Jan 2008 did the deal  and we had electric.  Not sure what connection bbva have with masa or procoba, atlas took these properties of their site in 2008---   don't remember any guarantee we had proposal then got habite cert and our solicitor in spain has title deeds ----  heard different stories. From different people. Atlas should have looked after you as agents....

Hi,

Looks like I fell foul of this "Bank Guarantee" procedure also. I trusted in Atlas International and did'nt realise how important this was until I contacted my solicitors back in 2009 to pull out and get my money back. Unfortuantely my case has not been heard in court yet, probably never will.  I do remember going down to the townhall with the sol  and putting what he called  a block on the property, this is basically registering a dispute and until that is settled the property cannot be moved on. Of course its just a matter of wait and see, but its been 4 years now and nothing heard.

This property was a long term plan for us, whereby it would be used has an holiday let until we retired and then we could spilt our retirement between spain and uk, back in 2006 it look a feasible plan... but now in 2013, it looks like that will never happen.

I am sure things will pick up in Spain and particularly with sierra golf, here's hoping that everyone gets a positive outcome.

What really upsets me though, is the fact that I am a client of Atlas International and they dont even want to know.

Every time I contact them, I get the brush off.....

 

Perhaps we could ask Maria what will happen to all these houses now that Procobar has gone into Administration/Bankruptcy. Those involved in court cases may be listed as creditors but those not involved in court cases who have not cancelled their contracts or received bank guarantees, surely they still own 40% of their property so what happens to it! surely the Administrators cannot claim this as a Procobar asset? It would be good if all purchasers could complete their sales with all the necessary paper work by settling at an agreed price comparable with today's prices and bearing in mind the inconvenience, lack of accommodation for the past 7
8 9 years and personal and psychological upset caused. Where does everyone stand Maria, can you advise?

Hi there 

 

i know this thread is from last september 13 but we are going through the same process, we put down deposit on Sierra Golf in 2006, and have won our case through courts, we have used JLCA Lawyers in Alicante, but havent heard any updates from lawyers since Sept 13, we have been emailing them but no replies as yet as too current update.

we openned an account with Sol bank and used Atlas International, i dont recall any bank guarantees but will go back through our paperwork tonight.

We inquired into taking another property through them but he was asking too much for them and would have meant taking a big mortgage on more than what we actually origionally intended and the value of the properties he was offering werent at market value.

We have paid over 9,000 euros in legal costs and last year had to pay an 4,000 which made it total 9,000, which now my husbands beleives is all a con and that the the legal teams no we will never see any money back, its hard to keep positive when the process is so drawn out and is something we put to the back of our minds as a big mistake, i try to remain optomistic but my husband isnt and says we shouldnt waste anymore of .our live sor time on it.

Does anyone have any positive news on our, and others same situations?

Hi Rose,

So sorry to hear your story.

Who's name is stamped on the bottom of your contract and who signed it? Procobar or Masa. Are you saying you won your case and the lawyers can't get your money back from Procobar? I am a bit confused, were you going to buy another house with what you got back from the Court case? If you haven't got your money back from Procobar and haven't registered as a creditor you will be lucky if you get anything back. They owe over 62 million euros most of which will go straight to the banks, who, as we all know will be the only ones who gain from the situation. They have our deposits and they have our empty houses all ready to sell on.

M11 Sierra Golf

Sorry I didnt probably explain very well, ill have a look who has signed our contract and let you know, yes we won our case and are down as creditors, but as you said know all of the money will go to the banks pockets first.

We didnt want to purchase another house but it was put to us as a option from Procobar, we considered it but when we saw what they were offering it wasnt really an offer it was properties that were overpriced and would see up mortgaged up more, and we made a final decison that all we wanted form the start after the delay in the development was our deposit and legal fees back. So straight away declined to negociate with them.

How much longer can this process take, im 35 now and feel ill be blummin retired before we ever get closure on this, pay out or not!!!

 

Rose you have time and youth on your side, we are in our late sixties and will probably never see a penny of our money. We had an email from the Administrator of the Procobar Case who says we are unlikely to see any of our money. As you say we are not important, the Banks have first claim, not the buyers they conned.

Rose you have time and youth on your side, we are in our late sixties and will probably never see a penny of our money. We had an email from the Administrator of the Procobar Case who says we are unlikely to see any of our money. As you say we are not important, the Banks have first claim, not the buyers they conned.

I know and I feel so much for the people like you that have used life savings for their dream home. I know deepdown we wont see that money but I remain positive until the end! Like you say maybe this is a good lesson to learn at a young age we will be a lot wiser and guarded from here onx