A SPANISH BANK REPOSSESSING YOUR SPANISH HOME? DO NOT PANIC
Depending if you want to (1) keep the house, or you prefer to, (2) hand it back to the Bank as payment of your debt; there are different procedures to be followed:
1) If you want to keep the house: Try to negotiate the payment terms directly with same or different bank.
2) If you think it is worth trying to negotiate with the Bank so that they keep the house in payment of your debt: do the correct calculations: the bank cannot repossess your Spanish home for less than 50%-70%-- depending if it is first residency or not—of the auction value.
The Auction value is much higher than market value. It is an amount which is composed of principal + legal interests + legal costs: a big sum which in many cases is higher than your current debt.
Do not look at market value for those calculations. No new property valuation is necessary either.
3) If the Bank ever (I have only seen this on very rare occasions), starts a European Enforcement Procedure, always remember that:
i) It is not for all claims but just for those claims that are uncontested. The contested claims will have to follow the traditional procedures for execution of Court decisions abroad. So, it is advisable that you contest any repossession attempt in Spain.
ii) The European Regulation lays down minimum standards with regard to the service of documents (the document instituting proceedings and, where applicable, the summons to a court hearing) to ensure that the rights of the defence are respected.
3) The competent court in the enforcing Member State may, subject to certain conditions, refuse to enforce a judgment if it is irreconcilable with an earlier judgment given in any Member State or in a third country. In certain cases, it can also stay or limit enforcement.
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A house of Mojácar, Almería, South eastern Spain