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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 131. My bank refuses to relax my mortgage... what can I do?
02 September 2009 @ 12:31

 My bank is refusing to relax the conditions of my mortgage ... what can I do? 
The same as  with laundry detergent: Search, compare and if you find something better, just say “goodbye”.

You have the power to demand from the bank the "due collaboration”(according to Supreme Court Case of 2003) if another Bank offers to you a better offer.

The Bank, which is offering to you such improvements in the interest rate, the term or both,  must issue in writing:

1 .- An offer to  you: the conditions offered will be binding. This "binding offer" is the beginning of the process of subrogation.

2 .- The intent of subrogation to the current lender: communication which needs to be performed through a notary.

The current lender is obliged to submit a “certification” of outstanding debt within seven calendar days.

If the current Bank reacts and improves or meets the offer, it must:

1 .- Express this decision before a Notary Public within fifteen calendar days.

2 .- Communicate to you your own "binding offer" within 10 working days.

Now you have got two banks at your feet! Is it not great?

  

Valdevaqueros beach ( Tarifa, Cádiz)  by Indrasensi at Flickr.com 



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