According to the Bank of Spain, a total of 35.098 homes were foreclosed on by the banks in the first 6 months of 2013.
28.170 of these were “primary residencies”, which usually are foreclosed on after the family stops paying the mortgage.
It’s a shocking picture of the reality of la crisis in Spain – 35.098 families out on the street, or kipping with family.
19.567 were foreclosed forcibly by court order, 12.719 were “returned” to the bank by arrangement. 88 homes required police intervention to be seized and emptied.
83,2 % of all the mortgages were signed pre-2008.
The total number of foreclosures ascends to 0,53% of all mortgages in Spain.
In all of 2012, 44.745 mortgages were foreclosed, of which 23.774 were ordered by a Judge.
In Spain, foreclosure does not end the debt, and the former homeowner can be landed with the unpaid portion of the debt, plus costs, interests and legal fees. With no personal bankruptcy, the debt can be carried for life.