I noticed on the ACC forum the following...
denmond
"This company is criminal. It takes millions of euros from expats and others and does not deliver. Both Almanzora and Mazarron are the same. In my case, the house is finished, I have paid half of it and Huma will not hand it over or return the money, claiming they cannot pay the mortgage and release the house. Yet they are still building on Tabernax. Taking them to court acheives nothing, since, although you win, they never seem to have any money. Once my court case is over I intend to get m y solicitors to file to force Huma into Bankruptcy. Whilst that will not get my house or money, it will punish them. I have tried, unsuccessfully, to have Huma accused of either theft or fraud, but the Spanish close ranks, even the lawyers. Someone on here suggested freezing Huma's assets. I'll try that, but I know my lawyers will tell me it isn't possible. Tell your friends to stay well clear of Huma; they are a bunch of thieves."
It appears that the person above bought at MCC.
Just to back this up as a cautionary note. About 2 years back I tried to transfer to MCC on one of the few bungalow left. When it came to completion - my lawyer found that a mortgage and other charges on the property well exceeded the sale value of the property & dwarfed the small amount I had to pay. Huma said they had no idea about the outstanding charges and never came back to my solicitor how they were planning to clear it to allow the purchase to go through. So the sale just fell through - despite I had spent lawyer fees to get to this stage - Huma at no time gave me any indication there would be a problem completing and led me up the garden path right to the end. I think they were hoping I would sign over without the charges cleared or we would have a totally incompetent lawyer. I did have correspondence from one poor person on MCC whose solicitor had completed and there was an outstanding mortage on the property and Huma refused to clear it after completion. I presume the lawyer was incompetent or Huma had reneged on a promise to clear it. It never got resolved to my knowledge and the person will never be able to sell the property. He has a court case just like us.
I know Indalo are a separate company in name - but must be financed by Huma Group as they will have no equity - I would presume. Therefore I am told it is normal practice in Spain for Builders to obtain up to 80% mortgage on the sale price.
So on the basis that Huma Med have all the deposits somewhere and may ask for further installments and may have a mortgage eventually on your property - I would pose this question .... with a deposit/installments already paid and a mortgage (that Huma probably have no intention or the apparent means to repay) where is the incentive to repay the debt on the property in order to release the house. With the deposit/installments already paid and a mortgage - this far will exceed the sales price of the house and any proper valuation.
This aspect has held me back from pursuing any transfer to OTCC currently.
I would suspect the Banks must have some sort of floating charge over OTCC assets - due to the fantastic amounts owed to the Banks by the Huma Group. So I believe there will be charges against the site or divided into individual plots on OTCC when completed.
If Huma Indalo continues to trade like the rest of the group - then no doubt non payment of creditors will lead to charges been made against them and their assets too.
All I am saying here - is be careful - even if the house is built - there is still a long way to go to completing and you should ensure your lawyer is fully briefed on the problems. I would suggest you get your lawyer to monitor your plot at the Registry as it is being built to investigate whether charges have appeared against the plot. I would also urge all lawyers to do a financial search on Indalo to assess if they are financially viable. I did it for Huma Med and the results were eye watering - their debt levels close to 100m euros.
I am sure Carmen can help to do with site issues - but only the top man at Huma can tell you if he will clear any debt + charges on your property to allow completion.
I will pose this question - until you complete you have no title to the land or property. If Huma decide to not allow you to complete - they would be able to resell the property - even more money coming in! All you are left with is an unsuccessful court case like us at ACC that have gone down the court route!
As always I hope I am wrong (we have all suffered enough) - but I cannot believe the Banks are too happy with Huma owing many millions of euros for over 5 years now!!! I think they will get first grab of any money - I would think the Spanish VAT people want their bit too or technically were we ever sold anything with VAT on it???
All the best - there is a long road yet - However - just to let you know no-one is getting any money back from court judgments for ex ACC people - so none of us have anything to show for our money yet! .. but court cases seem to be a waste of time.
So if things do fall thru - I am not sure what anyone can do???
John