# can't pay your mortgage?



## xabiaxica (Jun 23, 2009)

a local has posted this on FB....



> Si estás en peligro de perder tu piso por no pagar la hipoteca, hay una solución totalmente legal: Alquila el piso a algún familiar (que no aparezca en la hipoteca) por un precio simbólico de 1 ó 5€ al mes durante 100 años y registra el contrato en el Registro de la Propiedad. El banco se quedará el piso, pero no podrá echar al inquilino gracias a ese contrato y tan sólo le tendrá que pagar el alquiler simbólico al mes. Es totalmente legal, hasta que los bancos consigan cambiar la legislación, pero es la mejor solución a los embargos injustos que están haciendo. Cuanto más gente lo sepa, más efecto tendrá... (COPIADLO Y DIFUNDIRLO) .....GRACIAS



googletranslation - cos I'm being lazy today




> If you are in danger of losing your apartment for not paying the mortgage, there is a perfectly legal solution: Rent the flat to a family member (not shown on the mortgage) for a symbolic price of 1 or 5 € per month for 100 years and records the contract at the Land Registry. The bank will take the floor, but you can not take the tenant through this contract and you only have to pay the nominal rent per month. It is legal to get banks to change the legislation, but is the best solution to the unjust embargoes they are doing. The more people know, the more effect it will have ... (Copy that and spread it) ..... THANKS


anyone want to rent me a house for 5€ a month??


----------



## mrypg9 (Apr 26, 2008)

Sounds like a cheat's charter.

I sincerely hope it doesn't work. After all, I'm sure the money you would have spent paying your mortgage could go towards a new car, a holiday...or just good nights out.

There's a difference between 'can't pay' and 'won't pay'. This isn't the way to address the problem. It's a form of theft. 

I don't know about Spain but I feel very aggrieved that the interest rate on the savings I worked over thirty years to accumulate for my retirement is kept low as an instrument of government policy, a policy which favours people who took out large mortgages or second mortgages secured against property and now enjoy low interest rates..


----------



## anles (Feb 11, 2009)

> The bank will take the floor,


 imagine living in flat with no floor!!


----------



## Alcalaina (Aug 6, 2010)

mrypg9 said:


> Sounds like a cheat's charter.
> 
> I sincerely hope it doesn't work. After all, I'm sure the money you would have spent paying your mortgage could go towards a new car, a holiday...or just good nights out.
> 
> There's a difference between 'can't pay' and 'won't pay'. This isn't the way to address the problem. It's a form of theft.


Desperate measures for desperate times ... 'These are 'can't pays'; over 100,000 repossessions last year putting families on the streets. The bank then owns the property AND the debt, which  must still be repaid. That´s what I call theft.

I read today that BBVA had offered one family unable to repay their mortgage a short-term tenancy on an empty repo flat also owned by BBVA. Progress, I suppose ...


----------



## mrypg9 (Apr 26, 2008)

Alcalaina said:


> Desperate measures for desperate times ... 'These are 'can't pays'; over 100,000 repossessions last year putting families on the streets. The bank then owns the property AND the debt, which must still be repaid. That´s what I call theft.
> 
> I read today that BBVA had offered one family unable to repay their mortgage a short-term tenancy on an empty repo flat also owned by BBVA. Progress, I suppose ...


But you took the loan to buy the house...if you can't pay then the bank takes your property which could well mean a reduction of up to 60% of its value plus the outstanding amount of the loan....how is that theft???

Banks aren't charitable institutions and if they are retail banks then it's other customers' deposits that are used to lend people for mortgages.

The obvious solution is to look closely at each case and in instances of genuine hardship then some affordable arrangement for repayment should be agreed. Eviction must be a very very last resort and then only in cases of fraud. 

I'm sure that there aren't 100000 families living on the streets, though.....

I think too that known exposure to risk should be a factor to be taken into account. If a bank lent money to someone without adequately checking that person can repay the loan over a long period, the bank deserves to take a hit, imo. Due diligence...

Same applies to holders of high-yield Greek bonds. That high rate of return reflected RISK. The risk went sour.....so accept your losses as you would have done your profits.
That's the free market for you....snakes and ladders. You got the snake. Tough...
Those kinds of investment brokerages wouldn't be handling your or my pensions and savings, merely the deposits of the rich.


----------



## gus-lopez (Jan 4, 2010)

But a mortgage here is unlike a mortgage in the UK .Basically it is not much better than a personal loan !


----------



## mrypg9 (Apr 26, 2008)

gus-lopez said:


> But a mortgage here is unlike a mortgage in the UK .Basically it is not much better than a personal loan !


But your property must be secured against it surely?


----------

