Spanish banks are now the country’s biggest but most reluctant estate agents and although investing in the the property market today may seem foolhardy, with a backlog to shift, prices have crashed.Discounts are impressive on the banks’ dedicated real estate websites, which have been translated into English to entice foreign buyers. On Santander’s Altamira website, for example, prices are as low as €15,000 for a three-bed flat in Calahorra, La Rioja, and €10,000 for a three-bed in La Trinidad, Valencia, although both are in dire need of attention. La Caixa bank is also selling properties on Servihabitat, Banco Sabadell is selling via Solvia, Banco Popular has Gesa Aliseda and you can find Bankia’s repossessed property at BankiaHabitat.
FIRST STAGE the borrower falls into arrears
At this stage the lender try to contact the borrower to get an explanation about the arrears and start to charge extras such as different interest rates an penalties. Mortgage lenders also attempt to renegotiate alternative arrangements SECOND STAGE In default. 90 days after the first arrear
Lender‘s debt collection department try the last attempt to recover the debt
THIRD STAGE 10-30 days after default
FOURTH STAGE Repossession order .One week after the summon. Legal action start against the borrower
FIFTH STAGE The Court set a date for public auction 4-16 months after the legal action start.
SIXTH STAGE Eviction 6 months after the auction