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Why Spain does not exist in lieu of payment?


In recent years, in full crisis, hundreds of thousands of families in Spain have found that after running out of income and can not afford to pay your mortgage, not only face the drama of losing their home, but they are also facing a debt for life.
In Spain there is no payment in kind, for the delivery of the property is liquidated the entire mortgage debt.

Opponents of the Foundation argued that the mortgage contract was a private contract between the state could not intervene. The argument was diluted like sugar when the state with our tax dollars, "intervened by injecting massive public support to provide liquidity to the system without imposing any financial compensation.

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Then he was a free contract between the parties and was solely responsible for the mortgage, since no one had forced them to sign.

The truth is that nowhere in the contract specified the possibility that the bank was awarded the property by 50% of the appraised value, leaving the former owner with an unpayable debt for the rest of his life. Later cake implement as claimed retroactively for those already signed mortgage contracts was unacceptable under the rule of law, but the labor and pension reform was responsible to derail that argument.

is evident, therefore, the injustice of a legal system that protects the interests of financial institutions and crushing the citizen.

The National Institute of Statistics, the price of housing has been devalued by 20%. From 2007 to late 2010, initiated foreclosure proceedings amount to more than 350,000.

During the housing boom, the average amount of mortgages granted amounted to 150,000 euros. However, given that most occur enforceable procedures for mortgages underwritten since 2004, the amount half of foreclosures is higher order. Suppose that the average debt of 250,000 euros.

Since in most cases the loan was granted for 100% of the floor, a depreciation of 20% implies that each house has been devalued 50,000 euros. Multiply 50,000 euros for the 300,000 foreclosed homes, gives us a total of 15,000 million euros. is, that if they accept payment in kind, banks and lose 15,000 million euros.

The problem, therefore, is not losing but what they fail to win clinching a housing price balance, in what is a clear example of what is the accumulation by dispossession.

The problem of the banks and not so much mortgage debt as households accumulate assets on their balance sheets arising from the bankruptcy of hundreds of real estate companies. These assets are, today, impossible to put on the market.

The payment in a fair, reasonable and equitable to allow families to start from scratch, a proposal, formulated in one way or another, applies in all countries of our environment.

In a nutshell, is a figure similar to that hosting companies to declare bankruptcy to settle their debts with creditors.

In the U.S., the mechanism is known as the 'rattle effect' from the subprime mortgage crisis, and has led to the salvation of millions of families.
Spain Why not?.


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