Clausula Suelo
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Has anyone had any experience of using a spanish lawyer to get this clause removed from their mortgage. I instructed lawyers who so say have a great success rate in acting for clients in these cases but I instructed them back in September 2013 (I paid a fee up front together with paying for a power of attorney from a notary) and nearly six months on the case is apparently still with customer services at the bank, but I was under the impression that the bank had two months to respond and then it gets put before the Bank of Spain. I have been e mailing and telephoning the lawyers for more information but they do not answer - have I been scammed do you think?
Suda
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After the two initial months, it is necessary to go to next step, which is either a claim before Bank of Spain or judicial action.
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Maria L. de Castro, JD, MA
Lawyer
Director www.costaluzlawyers.es
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I have the greatest respect for Maria and what she says is actually quite correct. However the harsh reality is that lenders who apply the floor are disregarding any court findings - I am aware of several instances where the court has found in favour of the borrower against the bank, however the bank still refuses point blank to amend the interest pay rate to the true Euribor + ..... or to give the client any compensation for the interest overcharges incurred. I guess the Bank of Spain is reluctant to enforce the issue bearing in mind the current state of Spanish banks in the event it could spark a wholesale claim against them and as the BOS is lender of last resort it would be them that has to bail out any further secondary banking crisis in Spain.
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Smiley - patrick@marbellamortgages.com www.marbellamortgages.com www.comparetravelcash.co.uk
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