Reposessions How long does it take?

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19 May 2008 12:00 AM by nosbor Star rating. 4 posts Send private message

Can anyone tell me what to do.

Iam 4 months behind with my holiday home mortgage. I have written to the bank who have started repossession proceedings saying i can begin payments again in July and asking for the 4 months to be added onto the end of the term.

They have not responded and are carrying on regardless. Can anyone give me suggestions and anyone know how long it takes to take the house off me.

Thanks



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19 May 2008 3:22 PM by spanishsolicitor Star rating in Murcia. 140 posts Send private message

spanishsolicitor´s avatar
Repossession legal process

The terms are approximate, it depends of the Court
 
FIRST STAGE the borrower falls into arrears
At this stage the lender try to contact the borrower to get an explanation about the arrears and start to charge extras such as different interest rates an penalties. Mortgage lenders also attempt to renegotiate alternative arrangements  
 
SECOND STAGE In default.  90 days after the first arrear
Lender's debt collection department try the last attempt to recover the debt 
 
THIRD STAGE 10-30 days after default
A duly attested summon (Requerimiento Notarial) or certified fax must be sent from the lender to the borrower informing about possession proceeding through the court
 
FOURTH STAGE Repossession order .One week after the summon. Legal action start against the borrower
The lender's lawyer try to obtain a executory judgment for the payment of  the overdue mortgage and by  public auction the mortgage property will be sold.
 
 FIFTH STAGE The Court set a date for public auction  4-16 months after the legal action start.
If nobody bids, the lender will be the new owner of the house for 50% of the property value.
I have to say that the borrower always owe to the bank much more money than the property value. It must be added interest of arrears, demurrage, court costs etc. Although the house has been sold the borrower is still owing  a lot of money so the lender will keep pursuing.
If you have a guarantor the lender will start the proceedings against him in order to obtain the rest of the debt.
The new owner of the property is registered in the Land Registry.
 
SIXTH STAGE Eviction 6 months after the auction
Police Court, officers and a locksmith will evict the borrower. It is very difficult to evict if there are tenants or children and this circumstance is previously notified in the Land Registry. For example  divorced couple own the house and one day none of them pay the mortgage. If when they got divorced they submitted in the Land Registry that use the house would be for the spouse and the children the situation is that is quite impossible to evict the family but the debt remains.

Fljordan  Spanish Law Firm
www.fljordan.com
 
 


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20 May 2008 10:22 AM by nosbor Star rating. 4 posts Send private message

Thanks for that.

Do the bank have to look at my proposals first and confirm in writing that they are unacceptable or not? My bank have not followed the proceedure you have  set down. I have had no letters only a telegram so they appear to have jumped the first two stages. Does this mean i could get things stopped or delayed? I am willing to pay as i´ve said. I would have thought it better to do a deal with me in the current state of the market rather than drag things on legally.



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20 May 2008 10:41 AM by spanishsolicitor Star rating in Murcia. 140 posts Send private message

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What did the bank say in the telegram ?
FIRST AND SECOND STAGE are not included in the legal process just is what the banks normally are doing in this situations. It is optional for the bank to renegotiate the debt. Usually the bank try to convince you but it is not compulsory for the bank to accept your proposal. If you want to avoid extra costs I think you should contact with your bank and pay ASAP.


Fljordan
www.fljordan.com


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20 May 2008 12:28 PM by georgia Star rating in Algorfa (As seen on .... 1835 posts Send private message

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Hi All,
I have been quiet lately as i have been in negotiations with the banks and another company that can help people with the problems of disposing of purchase contracts and property that is likely to be repossessed.
This was fueled by someone in quite dire personal circumstances that needed out of a purchase contract as they couldn't complete, we managed to get an greement from the builder that released the from the contract.
They didn't like the idea of the Banks chasing them for the debt and just wanted rid of the burden,worry and risk of court proceedings.
It has been interesting to hear the banks point of view and their take on the current financial situation.
The failure to complete is becoming more and more of a common occurence as mortgage rates,exchange rates, change in circumstances and of course the complete pack of lies told by some agents are causing people distress and causing the need to walk away.
I won't go into the details too much on here as every one has different circumstances but if people want to PM me i may be able to help by putting you in touch with someone or using my experience to help.
It may be worth a try.....
Regards
Georgia


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