COLLAR ON MORTGAGE VOID

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27 May 2014 2:32 PM by Guadalupe. Lawyer Star rating. 261 posts Send private message

EOS Supporter
COURT JUDGEMENT: BANCO POPULAR' SWAP CONTRACT DECLARED NULL AND VOID
 
The swap contract was offered by Banco Popular to the plaintiff after the signature of a mortgage for his property. The plaintiff believed that he was signing an insurance to prevent the increase of his mortgage interest rate, but Bank didn't provide him information about the consequences of lower interest rates.
 
More info on:
www.gmlegalexperts.com
http://gmlegalexperts.blogspot.com.es/2014/05/gm-legal-experts-won-case-caso-ganado_4772.html
 
Kind Regards,
 
Guadalupe Sánchez
GM LEGAL EXPERTS
 




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27 May 2014 2:36 PM by mariadecastro Star rating in Algeciras (Cadiz). 9419 posts Send private message

mariadecastro´s avatar

Congrats Guadalupe!



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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23 Oct 2014 4:36 PM by Keith110 Star rating in the UK and I am lead.... 681 posts Send private message

~~The Supreme Court cancels eight Ground Clauses in Mortgages (Cláusula Suelo) for lack of transparency

The First Chamber of the Supreme Court rejects the argument of the bank that the contracts were read by notaries and customers were advised of the possibility of reading, as this does not replace the duty to explain to users.

The Civil Chamber of the Supreme Court has annulled eight Ground Clauses (Cláusula Suelo) in mortgage contracts of the bank Caja Segovia (now part of Bankia) because the entity breached a special duty of transparency regarding these clauses it had with customers who signed mortgage contracts.

The high court rejected the argument of the case that the contracts were read by notaries and customers were advised of the possibility of reading, as this does not replace the duty of explanation and transparency by the Banks to users.

The Supreme Court is unable to examine the consequences of the declaration of nullity of the Ground Clauses relating to whether the amounts charged by the bank under this clause would be returned to consumers, because that question was rejected in the first instance and was not challenged on appeal by the aggrieved party.

The statement reaffirms the criteria established by the Supreme Court in its first judgment on ground clauses, of May 9, 2013 - which annulled ground clauses of three other entities - in a more detailed explanation of Banks special duty of transparency and the real understandability of such clauses to clients.

 



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LEY 57/1968
CLICK HERE FOR THE BANK GUARANTEES IN SPAIN WEBSITE

       
      

fpag@btinternet.com




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23 Oct 2014 5:16 PM by mariadecastro Star rating in Algeciras (Cadiz). 9419 posts Send private message

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Great news Keith!

María



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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23 Oct 2014 5:29 PM by Keith110 Star rating in the UK and I am lead.... 681 posts Send private message

It certainly is ;-)

And........many Provincial Appeal Court Sentences already agree on retroactivity - i.e. the refunding of all overpaid amounts from the date the mortgage was started.



_______________________

LEY 57/1968
CLICK HERE FOR THE BANK GUARANTEES IN SPAIN WEBSITE

       
      

fpag@btinternet.com




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24 Oct 2014 10:14 AM by honeywater Star rating. 68 posts Send private message

My mortgage with SabadellCam is based on the "cajas" index, which is much higher than those that have the Euribor as the base rate. At the time I brought my property and the mortgage I was unaware of the different types of mortgages and, very naively, thought that I  my rate would be one point above the Euribor at the time. It was only after Euribor started to go down and my interest rate didn't, that I found out the reason. Neither bank officials, nor the notary, made it explicit that my mortgage would not have the Euribor as a base.. I accept that it would have been my responsibility to ask questions and I would have done, had I been more knowledgeable about mortgages.

My question is, do holders of non Euribor-based mortgages stand any chance of benefiting of these Court rulings?





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24 Oct 2014 10:35 AM by mariadecastro Star rating in Algeciras (Cadiz). 9419 posts Send private message

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From  1st November 2013 both mortgage references index ( IRPH Banks and IRPH Saving Banks) dissapeared and had to be substituted by different ones. If mortgage deed has that alternative index, this will appluy. If not, there is an stablihsed index fo this substitution. If this has not happened in your mortgage, you can of course proceed to claim

María
 



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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24 Oct 2014 11:31 AM by hosilverlining Star rating in Property owner in Gr.... 173 posts Send private message

Keith, I have been watching your facebook posts about floor clause cases with much interest. Is there any way I can find out if there have been any cases heard (or waiting to be heard) in the Audiencia de Granada? We have had our mortgage rate reduced since 9th May 2013, but stand to gain much more if we can get a decision on retroactivity.

Thanks!





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24 Oct 2014 2:10 PM by carl9 Star rating. 136 posts Send private message

Hi all, I took out a Caja Murcia mortgage in  2007 and sold the house in 2012..

Would I be able to claim compensation from them retrospectively in this instance?

WhenI queried it with them a couple of years ago when this all came to light they said at the time that it wasn't illegal and they wouldn't pay out. Perhaps that reckon is no longer in their hands?

 

Regards, Carl





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24 Oct 2014 3:14 PM by honeywater Star rating. 68 posts Send private message

Thanks Maria for your reply (re. Euribor vs IRPH Saving Banks). I took out the mortgage in 2005. I guess I'd need to check what the deed says about a substitute index?





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