COSTA DEL SOL ACTION GROUP

I bought three investment properties in Spain and I have 70% mortgages on all three. Two are with Solbank and the other is with another bank (Caja Rural or Bancaja)

I now find out that the properties have never had a licence so I am looking to have to sell at 50% of purchase price (negative equity). Should I have been given mortgages in the first place for places with no licences?

Can I just hand the keys back and not have any come back?

Can I claim my deposit back from somewhere?

I understand from a times newspaper article that Patrick Cassidy, and his wife, Joy handed back the keys to the bank because of what appeared to have been irregularities in the way he was sold the mortgage.

Any help much apreciated.

Dear John:

Please have comments below in bold green ( same text of oyur email):

I bought three investment properties in Spain and I have 70% mortgages on all three. Two are with Solbank and the other is with another bank (Caja Rural or Bancaja)

I now find out that the properties have never had a licence what License.... work or First Occupation?  so I am looking to have to sell at 50% of purchase price (negative equity). Should I have been given mortgages in the first place for places with no licences? Better said, the Notary should have not let you sign the deeds with no First Occupation License.

Can I just hand the keys back and not have any come back? I would announce the cancellation action to developer and Bank so you will be in a fully strong position against seller and lender.

Can I claim my deposit back from somewhere? Of  course yes.

I understand from a times newspaper article that Patrick Cassidy, and his wife, Joy handed back the keys to the bank because of what appeared to have been irregularities in the way he was sold the mortgage. Handing keys back to the Bank si a right regardless there is a FOL or not:  http://www.eyeonspain.com/blogs/costaluz/1094/legal-tip-27-dation-in-payment-a-right.aspx

Any help much apreciated. Have a good weekend.

How many off plan properties were sold

I am another victim of the bank guarantees in Spain fraud against off plan buyers. I am also concerned that we have been dismissed as ‘a few protesters’ by the authorities.                 

But they are correct we are ‘a few protesters’ compared to the millions of successful foreign buyers of Spanish property right across Spain. In fact our numbers are easily dismissed when you view the larger picture. You can’t please all of the people etc.

What is not so easy to dismiss is the total amount of money involved which possibly runs into billions of Euros.

I am starting a campaign to find out (as near as possible) how much money has been stolen by the banks. If we can achieve an informed and intelligent guess at the size of the fraud I think sums of hundreds, possibly thousands of millions of Euros is less easy for the authorities to dismiss. A story of this magnitude will surely capture the imagination of the world’s media.

So far with only three developments resulting from my research of just one day we have reached a figure of 68 million Euros. This money has been stolen by the banks that refuse to return it, in complete disregard to Spain’s own law (ley 57/68).

If you have a reasonable idea of the size of the unfinished off plan purchases and the amount of deposits paid on your own development I would like to hear from you. Please send me a private message with the details. It does not need to be an accurate assessment but a well informed guess will provide sufficient evidence to prod the authorities. If they disagree with our figures let them provide their own. It will still be a sizeable sum.

Many of you may consider this to be a fool’s errand but the conventional routes for seeking justice for us have been proved useless. We have got to start thinking outside the box.

Armed with this information we may just tilt the balance in our favour. After all what have you got to lose, apart from your hard earned cash?

Help me to help you all, our biggest enemies are apathy and disillusion. I’m sure that the authorities are hoping that we will give up the fight. They should look to their own history to know that the Brits are not such an easy push over.

Regards, and good luck to you all.

Rambi. 6/6/2011

PS. If you haven’t already done so please sign the Spanish bank guarantees petition.                                    

www.bankguaranteesinspain.com