1. Saw a house I liked
2. Bank sent HIS valuator who valuated the house
3 .Bank granted me a mortgage for buying it, knowing my economic situation
4.I paid till I was made redundant
5. As I could not keep the mortgage payments up, I asked the Bank to keep the house
6.They sent their own valuator who now valued the house at the half of original valuation
7.In short words: I have no house and I still owe the Bank 180.000€ which is what valuator overvalued and the Bank accepted: I mean: They especulate and I am guilty.
SOLUTION ADVISED:
Fight the Dation ( offer of the house to the Bank) at Courts. According to LEY 1/2013, DE 14 DE MAYO, DE MEDIDAS PARA REFORZAR LA PROTECCIÓN A LOS DEUDORES HIPOTECARIOS, REESTRUCTURACIÓN
DE DEUDA Y ALQUILER SOCIAL, Bank will repossess the property for a value corresponding to AT LEAST 50% of auction value of the property.
AUCTION VALUE OF THE PROPERTY: It is a BIG summ included in every mortgage deed and which includes: prinicipal, interests and legal costs.
Deffending a right valuation and supervising of the repossession and auction process is ESSENTIAL.
There is new Decission by the European Court of Justice by which, if you are acting agsinst the Bank for floor clause, they can not repossess the property
ACTION.... is the word!
Have a great weekend!
Maria
Port of Tarifa, Cadiz, Costa de la Luz, South western Spain, at facebook.com