Key information you require about your past and future borrowing from Spanish banks (+Start your claim)

by Editorial team
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If you are an English speaking person, most likely from the British Isles (the UK & Eire) or equally Canada, New Zealand, America etc. who has actively pursued the dream of owning property in Spain, with the help of loan(s)/mortage(s) from Spanish banks – THEN – you need to have you eyes opened wide.

And THEN you must take carefully measured, analysed and timed action, when it will inevitably emerge that your foreign-ness has been taken advantage of, and you have been taken for a number of expensive rides.

You are probably already aware of the feeling of having been ‘stung’ at your bank – so this is not likely to come as too much of a shock.

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Disappointment, that the floor clauses procedure leaves much to be desired

by Spanish Lawyer - as credited
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The floor clauses procedure leaves much to be desired.

The extrajudicial process for the refund of the floor clauses leaves the consumers defenceless by making stealthy changes to their procedural rights.

When the Court of Justice of the European Union ruled in favor of the total retroactivity of the floor clauses, consumers saw their rights recognized and the opportunity to get back the money they overpaid banks for their mortgages.

The Spanish government prepared an extrajudicial procedure against the clock that provided a 3-month collection period to complete all refunds.

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Lifetime Loans or Reverse Mortgages in Spain

by Spanish Lawyer - as credited
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A Lifetime Loan works basically as a reverse mortgage (‘Hipoteca Inversa’ in Spanish) as a consequence of the amendment brought about by Law 41/2007 to the all important Mortgage Act of 1981, in which for the first time a Spanish Law ruled on this “new” financial service.

It allows owners to convert some of the equity in their homes to cash by placing a charge against their property (which acts as collateral).

The loan does not have to be repaid during the homeowner’s lifetime.

A Lifetime Loan is a special type of home equity loan for senior citizens.

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