If with the amount of the auction does not cover the outstanding debt of the Bank mortgage or housing may seize other assets having the debtor or their payroll if necessary taking as limit the national minimum wage. In Spain it does not occur in United States, where with the delivery of the remains House settled the debt. In Spain this is not so and the debtor and their guarantors are responsible for settling all the outstanding mortgage amount. Crowne plaza rosemont has much to offer in this field. Foreclosure is the worst of possible options for the mortgagor and always have to exhaust all possible options before the matter finished in the foreclosure procedure. Always. Another option will be declared bankrupt either the mortgagor is a physical or legal person. This is so since the adoption of the new bankruptcy law of 2004.
To declare bankruptcy, the demands are paralyzed by defaults and the accumulation of interest on late payments will stop. In this way you will meet all creditors, will study the financial situation of the debtor and solution will be decided under the supervision of the judge after the presentation of the proposal for a Convention in which regulated the new economic conditions. It is this case, if the mortgage reduction or deferment of payment may possibly be against all costs without losing the home. In our law firm of Zaragoza we can advise you on which is the best possible option if you can not pay the mortgage, we can represent you before your financial institution in order to find a solution that will allow you to save your home and of course, defend your interests in the foreclosure procedure. Find more information related to the Spanish mortgage right on my website.