02 Mar 2011 9:41 PM:
I have read this thread with interest.
I bought my apartment in 2006. The bank valued it at a ridiculous 140,000 Euros.
Norman Sands is absolutely correct.
The Navarra judge is absolutely correct.
The bank tried their very best to get me to borrow the full 140,000 Euros abd were quite disappointed when I refused their offer.
I have no doubt the banks have done this to the other people in this thread.
I have no sympathy for the banks who got very very greedy through the affluent years.
If a person/family come across hard times, the banks have that same old attitude - repossess!
For an organisation that is meant to know about finance, this makes no sense.
They have a legal charge against a mortgaged property, so it is partly 'owned' by them.
Why then do they not accept half the mortgage amount over a longer period, or let the mortgagee go onto interest only for a period of time, until things improve. This way they, the banks, are not losing out.
They are getting what they deserve for being greedy.
As for the comment about owning a second, third or fourth home, the village my apartment is in has improved one hundredfold with new pavements and better facilities for the residents (mainly Spanish).
We have piled a lot of cash into Spain, only for the Government to now try and force the arm of the independent judiciary.
Instead of giving the bank's bosses very big bonuses, use the money to pay off the outstanding mortgages, thereby putting the money back into the economy.
Don't worry, the Labour government got it wrong by bailing out our banks and the ConDems have lost the plot !!
I am sorry this sounds like a rant, but the whole world is in crisis through greed of the banks.
Thread:
Chasing mortgage debt in the UK
--------------------------------------