17 Apr 2018 8:44 AM:

I’m no expert in Spanish law but from recent experience, there is little, if any, protection for mortgage holders. It’s all geared towards banks and lenders and they do things in their own time, as they see fit with no regard for the holder as long as the money keeps coming.

Whether it’s an isolated case or not, I’ve no idea but I’d expect that all Otagaz mortgage holders will be in the same boat. In addition, be wary of other ‘unknown unknowns’ which tend to happen in the Spanish financial system, normally at the detriment of the individual tax payer, usually from abroad.

Thread: GE Money have sold their mortgage book to OTAGAZ Gestion Hipotecaria

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16 Apr 2018 10:51 PM:

Our lawyer in Spain is in touch with their legal team now. As I understand it, anyone with an Otagaz mortgage needs to check if they have taken over their mortgage by proxy with the land registry. They haven’t done so with ours and, until they do, we can’t redeem it.

Maybe we should stop the mortgage payments until they do their paperwork - I sense that they will only act when their money river runs dry.

Thread: GE Money have sold their mortgage book to OTAGAZ Gestion Hipotecaria

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16 Apr 2018 7:22 PM:

Has anyone tried selling a property that was originally mortgaged with GE and subsequently with Otagaz?

Thread: Otagaz and GE Capital mortgages

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16 Apr 2018 7:17 PM:

Re Otagaz, we are selling a property that was originally mortgaged with GE, then Otagaz.

Be warned, Otagaz have not registered their proxy interest in our mortgage and possibly others, despite acquiring the debt years ago. This means that we were not be able to redeem the mortgage, as it’s not in their name yet, and our sale fell through on the completion day. You can sell but you can’t clear the debt. We are now pursuing their legal team.

Thread: GE Money have sold their mortgage book to OTAGAZ Gestion Hipotecaria

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15 Mar 2010 3:50 PM:

Hi there

We are keen to sell/ get rid of one of two properties we have in Spain. We are not expecting anything other than to hand the keys back but would really appreciate it if someone could tell us the legal position here, i.e. if we have the property valued is the bank obliged to accept that as its debt or do we need to pay the difference between that abd the value of the mortgage?

thanks in advance

Dave

Thread: Dacion el pago - handing back the keys

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