Massive Roquetas property auction complete failure

There is irritation in Roquetas del Mar today, after the town hall setup an auction to flog off 64 properties, and not one person showed up to bid. The properties have all been seized by the townhall in lieu of taxes. The two biggest lots were the old Hotel Colonial at 1.6 million euros (with further taxes of 1.2 million owing) and Hotel Bellavista Mar at 14 million euros (and a further 13 million owing Continue reading Massive Roquetas property auction complete failure

35.098 homes were seized by the banks in first 6 months of 2013

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 Continue reading 35.098 homes were seized by the banks in first 6 months of 2013

Cajamar: mortgage floor abolished for all, but 15% default of loans…

Expect higher sneak commissions from Cajamar over the next few months after the rural bank admitted that defaults on loans have soared to 15,10%. The admission comes as Cajamar admits this is impacting its ability to keep offering credit lines to customers. It’s total amount of loans on offer have sunk to 34 billion euros. Although part of the increase is down to new accounting rules from the Bank of Spain (ie, they can’t sweep Continue reading Cajamar: mortgage floor abolished for all, but 15% default of loans…

Mortgage “floors” abolished by Supreme Court

The Supreme Court has ruled that mortgage”floors” are illegal and must be removed from all mortgages, unless they are an integral part of a complex financial package. Millions of people with a mortgage in Spain taken out in the last couple of decades look to see their monthly payments drop substantially! The idea with mortgage floors is that the amount of interest on your mortgage can never drop below a certain amount. Lets say you Continue reading Mortgage “floors” abolished by Supreme Court

Valdeserra school in Vera caught up in mortgage scandal with Vera townhall

One of the founders of Valdeserra private school in Vera, Ambrosio Cuevas, is in trouble after Vera council yesterday voted an emergency meeting to declare null two mortgage inscriptions he took out on the school with the “implicit” approval of the townhall. In short: Ambrosio Cuevas, a big mate of the crooked ex-mayor of El Ejido Juan Enciso, who is out on a bail of 100,000€ from jail whilst the prosecutors work out how much Continue reading Valdeserra school in Vera caught up in mortgage scandal with Vera townhall

Moratorium on evictions promised for Monday

Told ya. Rajoy has announced that he intends to order an immediate moratorium on all evictions that involve “vulnerable families” (taken to mean anyone with kids or seniors) until the situation can be revised. In other news, Bankia has confirmed that it will not proceed with three evictions in the Canary Islands that were supposed to be carried out today – after the Santa Cruz townhall withdrew 1,5 million euros in a current account it Continue reading Moratorium on evictions promised for Monday

An end to bank repossessions?

Spain is at a tipping point. No, not the Catalan elections, nor the abortive general strike (supposed to be soon but everyone is ignoring it). I’m talking about the desahucios, the forced evictions of ex-home owners by the banks. Currently, if you miss just two mortgage repayments, the banks will start repossession actions. Within just a couple of months, the baliffs turn up and turf you out. The internet is full of stories of people Continue reading An end to bank repossessions?

Ouch – lowest number of mortgages issued for decades

Feb 2012 was the worst month for the issuing of mortgages for decades. Just 26,415 mortgages were signed that month, according to the INE stats people. A 47,1% fall from January, as El Mundo notes. 1,029 of these were signed in Almería (here’s the total breakdown in pdf format). By way of comparision: in Feb 2011 a total of 76,398 mortgages were signed. Feb 2010: 88,523. Feb 2009 a total of 86,946. Feb 2008: 124.919. Continue reading Ouch – lowest number of mortgages issued for decades

Woohoo! A free netbook from my bank! Errrr…..

Where’s my microscope? So, if I domicile my nomina for 36 months, each nomina being over €1,200 with Openbank, they will give me a free netbook worth (in the very very small print) €248.79. Sooooo….. Frankly I can’t be bothered to work out the rate. But if I dumped the whole lot in a yearly period at 1% interest over three years (36 months) I’d get about €850 back in interest. So yes, I know, Continue reading Woohoo! A free netbook from my bank! Errrr…..

Unemployed to get mortgage holiday

The unemployed, low earning autonomos (self employed) and widows are now eligable to request a mortgage holiday to ease off on payments. You can request a “holiday” on up to 50% on your monthly payments (added on, interest free, to the end of the mortgage) if: you took the mortgage out before 1st Sept 2008; the total mortgage taken out was less than €170,000; you are fully paid up with the mortgage. and you are: Continue reading Unemployed to get mortgage holiday