Bank Repossession-Costa del Sol Property
Bank Repossession property for sale in Costa del Sol by First 4 Property
Nowadays the banks are the owners of a big part of the houses for sale in Spain. These repossessed houses come from developers’ bankruptcies and people that can not afford the payment of their mortgages. The houses repossessed are products highly sought after by experienced investors in the property market in Spain. But anyone can buy a house repossessed. If you are looking for a bargain is a good option to take a look to the repossessed properties owned by the bank. But be careful, all that glitters is not gold.
Bank Repossession – Repossession Process
The foreclosure process in Spain, that ends with the house repossessed by the bank , begins when the mortgage debtor has fallen in arrears after several months without paying his monthly mortgage obligation. The repossession by the bank follows a legal procedure that involves high costs for the debtor. Usually, once legal proceedings are begun, to the debt is added 30% more as late payment interest, legal costs and expenses.In this period, before it begins the procedure for repossession by the bank,
Here it is the list of the bank repossessed properties for sale in Costa Del Sol