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José M.
José M., Attorney
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Experience:  Spanish Attorney
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Is there any chance of overturning a subasta order when the

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Is there any chance of overturning a subasta order when the bank concerned has continued to receive interest only payments for the last 44 months ?

Attorney3044 :

Hi

Attorney3044 :

I am an spanish attorney and I will answer you now

Attorney3044 :

If the bank has allow the agrement to recieve just interest payments they have no the chance to make the subasta

Attorney3044 :

If the bank has not give the chance to pay only interest they could ask the subasta in court

Attorney3044 :

If they do, if they demand teh subasta at court we have only the chance to stop it paying all the sums pending unless our escritura says another thing like to have to pay the total sum gotten from the bank

Attorney3044 :

I will be here if you need more information

Attorney3044 :

In all cases the bank usually do not demand while they are getting money.... they have too many hauses in Spain now to sell They are no in hurry to get more, for they its more important to get cash monthly

Customer:

The bank agreed to start receiving 400 euros a month back 44 months ago as that was all that could be afforded and the mortgage outstanding was 109,000 euro,as the interest rate has dropped considerably the 400 euros more than covered the interest.The bank manager now tells me that the agreement was not cemented at a notary to change the conditions of the mortgage and so there is no official agreement and there was no point me making any payments as the bank continued to gain the order for a subasta. total payments made amount to 18000 euros wasted.The property in inhabited by my elderly parents since 2003 and is their main home.The Banks have today announced that there will be changes to the repossesion criteria in order to assist the needy.The bank manager has told me there is no point making further payments and that nothing will happen until march the subasta date or I can repay the total outstanding by selling the house which is valued at present at approx 150,000 even though I paid 220,000 for it back in 2003. So your advice is partially correct,but your assumption that the bank would prefer to receive payments as opposed to take the house back is not.

Attorney3044 :

Well sir, I think they are playing with you

Attorney3044 :

if they have been taking your money, and they have not demand the rest, you could reject the demand by an oral agrement

Attorney3044 :

I think they are playing bluff with you, Its just my opinion

Attorney3044 :

They want you to force to pay more

Attorney3044 :

let them to move if they what demand in court, and lets see if they do

Attorney3044 :

I really do not think they are going to do

Attorney3044 :

I have several clients in the same situation of yours as they are paying they are not being demanding at court

Attorney3044 :

They are forcing you to pay more, for me its a simple bluff

Attorney3044 :

Thank you

Customer:

They have told us to stop paying and not even discussed the possibility of increasing the payment.The court have sent papers with a subasta date in March 2013.

Attorney3044 :

You have to know how much do you debt and you could stop the subasta paying it after it

Attorney3044 :

If you pay all the sum you debt you will stop it

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