Repurchase / repossession - advice needed

The key point being correctly advised both from the outset and forewarning of upcoming options well in advance of maturity and not defaulting to repossession etc without all legal requirements being met.

Plus there is no excuse for Banks playing the system and compromising communities to the tune of 380 million euros. 

These loopholes wherever they exist in the system need reporting and plugging rather than always having to resort to legal action AFTER THE EVENT.

The Bank of Spain need to step up to the mark and regulate appropriately and take all measures to reassure their customers and ensure compliance across the board.

Only via these reporting mechanisms in place to protect being consistently used by legal teams and community administrators alike will sufficient pressure ever be applied to resolve these ongoing issues.

This message was last edited by ads on 23/09/2017.

This message was last edited by ads on 23/09/2017.

This message was last edited by ads on 23/09/2017.

it sounds like the original posters interest only mortgage period has come to a end.....and the mortgage company have restructured the mortgage to a repayment mortgage ...if so it is normal for the payments to increase ... the mortgage company will require payment in full by the end of the restructured term...interest only mortgages are normally over 5/7/10 years unless otherwise stated..if you do not change over to a repayment mortgage before the end of your agreement you will be expected to pay in full at the end of your term ...or take a repayment mortgage out for the full outstanding amount ...most people that take interest only mortgages out usually have a large insurance policy in place that matures at the end of the mortgage term ...to cover the outstanding dept... interest only mortgages are normally only offered to young first time buyers ...it may well be that you have been misled ...and not given the correct advice go and speak to a lawyer ..but at the end of the day the mortgage company is going to demand payment in full ....or the property back to cover the outstanding dept.
This message was last edited by windtalker on 23/09/2017.

If this is put in writing via the procedures intended to monitor and protect then they will not be in a position to deny knowledge of these abuses and given the emphasis being currently placed on safeguarding the rule of law.... 

Hello ads

I admire your spirit, but

‘’bring this to the attention of both the EU ( via MEPs), the Bank of Spain ( via complaints procedures) and Spanish Govt through official channels intended to monitor such abuses’’

Do you actually believe that they do not already fully know what’s going on?. Is it all being kept a secret from them?.

What remains important here is that everyone affected by these compromising circumstances, communities and mortgagees alike, bring this to the attention of both the EU ( via MEPs), the Bank of Spain ( via complaints procedures) and Spanish Govt through official channels intended to monitor such abuses, so that Banks and Vulture funders are made accountable, so that they can't continue to play the system and in that process flood the justice system and compromise the rule of law.

The Banks in Spain ( and Vulture funders) are undermining people's trust and if not careful they will continue to undermine the real estate and judicial systems in Spain.

It shouldn't have to be this way.

This message was last edited by ads on 22/09/2017.

Excellent post ads.

Banks will always have priority over justice, it’s the corrupt culture of the world and those in power who benefit from it.

Is this a situation where mortgagees who took out interest only mortgages are now struggling with negative equity where the current value of their property fails to meet the outstanding amount of monies owed on their property, and the new owners of that mortgage debt ( vulture funders) are now demanding ( without adequate consultation and opportunity to re-evaluate options available to mortgagees) are placing mortgagees under great risk/ stress with sudden excessive  increases on mortgage repayments, thus trying to force the mortgagee into a repossession scenario, when from the outset of this " unbeknown" transfer of mortgage contracts ( from the banks) the vulture funders failed to meet their legal responsibilities to inform mortgagees, let alone seek consent for the transfer of these contracts from the mortgagees themselves?

And in that process when taking repossession of properties it transpires neither have the vulture funders ( or Banks) registered their transfer of "ownership" or been required to inform community administrators, preferring to remain anonymous within the existing system, and not meet their obligations to pay ongoing management fees to the communities ( debts owed by Banks to communities currently running in excess of 380 million euros!)

Without mandatory requirements in place to enforce such legal obligations on Banks and Vulture Funders at point of transfer, the existing system will sadly remain open to abuse and will continue to leave ALL community owners at risk.

Surely any system with loopholes of this nature and open to abuse in this manner is not acceptable in this day and age, and needs to be urgently reassessed? To place mortgagees and communities at risk of ever increasing litigation routes to achieve justice rather than review mandatory solutions at point of transfer appears wrong does it not? Plus it will place even greater pressure on the justice system currently under resourced and struggling to meet rule of law  criteria which requires adequate resourcing and provision of timely justice.

Carmody:

Please clarify it was you who contacted us first for legal advise. It is not our style to chase possible clients without previous interest by them. Just if they state they are seeking legal need for an specific matter we can help with, we contact them through Private messages in this forum.

Having said that, with best of the moods, as explained to you today in an email, this possibility--- fully based in Law-- is being newly explored by us, but legal basis of this is well known already and there are some other lawyers in Spain using it to fight consumers rights in these sales of  mortgage loan contracts to vulture funds. As a matter of fact, the clause which allowed banks to transfer these contracts without previous consent of teh debtor has been declared null by our Supreme Court.

Of course, you need to check and be sure of the procedure and its possible risks. We also explained this to you today

Please, take your time and decide with full freedom 

Our monthly repayments on our interest only mortgage taken out with Halifax and now with Sabadell Bank, via Inside Track has jumped from 122 Euros to 1770 Euros per month.  We were not notified of this and despite several requests for the mortgage agreement nothing has been forthcoming. The explanation for the massive increase is so that we pay off the capital by the end of the term.

We have been contacted by Costaluz lawyers - found through Eye on Spain - who suggest we implement repurchase proceedings.  This appears to be credible but I wonder if any other owners have tried this route and been successful.  We are very tempted but it is not cheap.  My husband and I are both retired now and having been duped into this investment remain concerned that we may not be able to sustain these payments.

Any comment / advice / guidance greatfully received.

Kath Carmody