Land grab and Mortgages - ? David Searl ?

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Jool
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Land grab and Mortgages - ? David Searl ?

Postby Jool » Thu Mar 03, 2011 11:11 am

Serious questions for some of us, I know they are specific so a response from David Searl would be helpful if possible

If a Town Hall takes all your land (and thus also your house on the land) in lieu of payment for urban infra structure (even though house is long standing and has never been declared illegal) and you have a mortgage on that property, what happens to the mortgage payment after the Town Hall has taken the property? I understand they are allowed to take your entire property.

Is the mortgage cancelled as there is no asset in owner´s name and it was not lost due to default on the loan?

Or would, as I fear, the banks expect you to continue to pay the mortgage?

The cheapest infra structure price for one property owner is 200000 (yes two hundred).

Or is it that the town Hall can only take the proportion of property that you own and the bank has the rest and you keep the rest so long as you pay the mortgage?

Jool
Andalucia Guru
Posts: 4915
Joined: Fri May 18, 2007 5:56 am
Location: Coastal Almeria

Re: Land grab and Mortgages - ? David Searl ?

Postby Jool » Wed Mar 30, 2011 2:46 pm

Hi David,

Hope all is ok with you

I see you popped in, if you can´t help are there any places/people you can suggest who may know something useful in relation to this question please?

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DavidSearl
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Re: Land grab and Mortgages - ? David Searl ?

Postby DavidSearl » Sat Apr 16, 2011 8:25 pm

FROM DAVID SEARL

FOR JOOL

Yes, Jool, it is as you feared. The bank will continue to pursue the mortgage debt. The debt is a loan. We can call it a mortgage, but it is a bank loan, with the property as security. If you lose your house in a crap game, or a court orders it sold at auction, it does not matter. You still owe the money you borrowed to the bank. And they want it.

Sorry, David Searl
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