How do i convince the bank

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This topic contains 6 replies, has 6 voices, and was last updated by Profile photo of Fuengi (Andrew) Fuengi (Andrew) 8 years, 4 months ago.

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  • #54174
    Profile photo of Anonymous
    Anonymous
    Participant

    I have an interest only mortgage…it has doubled…the bank says 3 months and it is repossesed…I can pay something each month but it will soon catch up with me..can i convince tem to let me pay half…or am i throwing good money after bad?

  • #85221
    Profile photo of Fuengi (Andrew)
    Fuengi (Andrew)
    Participant

    Hi

    the average time it takes for a bank to reposess a property in spain is around 1.5/2 years.

    Talk to other banks maybe you can switch mortgage providers?

  • #85404
    Profile photo of Anonymous
    Anonymous
    Participant

    I am surprised by that timescale as our bank is having a go at us being 1 month behind – to convert to interest free would mean us going to the notary and paying 3000 euros fee and even that wont reduce the payments by much

  • #85407
    Profile photo of Anonymous
    Anonymous
    Participant

    Are you aware that one of the economic boost measures approved by the Consejo de Ministros in April was that you can increase the term of your mortgage (assuming of course it’s your primary residence) without incurring any fees?

    From
    http://www.minhac.es/Portal/Prensa/En+Portada/2008/El+Gobierno+aprueba+un+plan+de+medidas+de+estimulo+economico.htm

    Ayuda a familias con hipotecas

    El Gobierno está ultimando un compromiso con las entidades de crédito para eliminar los gastos financieros asociados a la ampliación del plazo de amortización de un crédito hipotecario. Asimismo, el Real Decreto-Ley aprobado hoy, ha incluido la supresión de los gastos fiscales de estas operaciones y promoverá urgentemente los acuerdos y las medidas oportunas para eliminar también los gastos registrales y notariales.

    La medida entrará en vigor en mayo y tendrá una vigencia de dos años.

    Se verán beneficiadas todas las personas físicas que quieran alargar el plazo de sus hipotecas sobre primera vivienda para reducir la cantidad que mensualmente pagan al banco.

  • #85408
    Profile photo of Anonymous
    Anonymous
    Participant

    Isn’t it strange that the bank can consider tight time scales when they want money from you but can keep your money and refuse to execute a bank guarantee ( a situation going on for four years.)

    The banks can ignore our calls, emails and solicitors letters – they are too arrogant to care about their reputation.

  • #85415
    Profile photo of Anonymous
    Anonymous
    Participant

    And isn’t it strange that when, as in our case, you take the bank to court for the return of your deposit under the terms of your bank guarantee and you WIN and the bank appeals and the judges overturn the ruling – and you then appeal and the judges again rule for the bank – and you make one final appeal, reviewed in Madrid last week, and the judges ignore the evidence you present and invent evidence from a mystery person who has had nothing to do with our case and is not associated with it? No, it’s not strange. It’s CRIMINAL, and an offence, and should be treated as such. Will it be? It will be strange if it is. Could be a b****y miracle.

    roots

  • #85464
    Profile photo of Fuengi (Andrew)
    Fuengi (Andrew)
    Participant

    @mirador wrote:

    I am surprised by that timescale as our bank is having a go at us being 1 month behind – to convert to interest free would mean us going to the notary and paying 3000 euros fee and even that wont reduce the payments by much

    oh, not saying they would’nt move quick. but i know of one case where the owners have already not paid for 6 months. its out of the locals banks hands and gone to the central bank….

    You’ve got to understand, spanish banks are adverse to reclaiming properties, they just like to be threatening. if you’ve got any sort of relationship with tyour bank manager then talk to him/her.

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