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El blog de Maria

Your daily Spanish Law reporter. Have it with a cafe con leche. www.costaluzlawyers.es

Legal tip 1274. Royal Decree " Second Chance" for mortgage debtors
04 March 2015 @ 16:52

Recently approved Decree “Second Chance” for mortgage debtors:

– The Cabinet approves  extension until  until 2017, of the period banning Bank evictions of people living in primary residences .

Collectives that are object of special protection, is broaden:

– Annual family income limit is increased to three times the Public Indicator of Multiple Income (IPREM). 

– It includes people over 60 years.

– It includes properties up to 300 thousand Euros. 250 thousands for dation (property back to the Bank).

– It eliminates the application of ground clauses for debtors included in this group

In addition, last February 25th the Supreme Court agreed that banks should repay the extra charged amounts for ground clauses since May 9th, 2013.

In our office we also offer support for mortgage deals to those mortgagors whose outstanding principal amount is inferior to a certain limit. This limit is imposed to Banks for not to repossess properties at lower price than it. So Banks are in many occasions interested on the deal.

Read this section of our website and let us know if you want to know more on this service

Ubrique, Cádiz, Southern Spain, at facebook.com



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