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El blog de Maria

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

Frozen mortgages
17 September 2008 @ 08:53

Caixa Manlleu  is first financial institution which has announced its intention to freeze mortgages quotas for those  who, now and due to the financial crisis, are unable to pay  their monthly instalments.

 

These clients will have to extend the redemption period and will end up paying more interests. That is obvious.

 

Therefore, both clients and Caixa Manlleu will take a break in these tight times. The financial institution must be very fed up with seeing how delinquent accounts grow and grow...

 

By Maria L. de Castro

web@costaluzlawyers.es

www.costaluzlawyers.es



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4 Comments


Rob in Madrid said:
17 September 2008 @ 08:31

Unfortunatly it's just the beginning, I think things are going to get a whole lot worse.


Maria said:
17 September 2008 @ 10:53

I think that this crisis times are times for being truthful with ourselves and revise our code of ethical values and consum habits...

For instance and to start with:

Who made developers/banks...grow and grow...?

There is nothing more freeing than through away the dead leaves... adn restart.

We need to gain confidence and keep fighting for human structures and growth.


Maria said:
17 September 2008 @ 10:56

I think that this crisis times are times for being truthful with ourselves and revise our code of ethical values and consum habits...

For instance and to start with:

Who made developers/banks...grow and grow...?

There is nothing more freeing than through away the dead leaves... adn restart.

We need to gain confidence and keep fighting for human structures and growth.


Max Kite said:
18 September 2008 @ 15:20

You are absolutely right, Maria.
I started a thread SERIOUSLY THOUGH -What are the banks to do? which is still going - please have a look. Your comments would be valued.

How can the banks legally give a breathing period when the mortgage is written into the escritura de compraventa? Is it done unofficially?


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