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1.5 Million Spanish property repossessions currently being processed

Mon 26th Sep 2011

As many as 41 different protests took place in Towns and Cities across Spain yesterday in protest over the escalating number of home repossessions that have taken place since the property slump, which in turn impacted upon rising levels of unemployment.

Protest groups such as the 15-M movement, the Plataforma de Afectados por las Hipotecas ('platform for mortgage victims') and the Democracia Real Ya association, who all declared home ownership to be a basic human right, and called for an immediate stop to all home repossessions.

The largest gathering took place in Madrid, where around 500 demonstrators began their march outside the Bank of Spain.

Protest leaders called attention to the fact that the Spanish Constitution specifically details the right to decent housing and say mortgage-providers have been taking advantage of would-be homeowners by producing unrealistically-high valuations.

There is currently believed to be around 1.5 million property repossession under process, with some 16,000 people having their property taken away from them in the first quarter of 2011 alone.

Protestors are calling for a change to the law, claiming that if a homeowner hands back their property or has it repossessed, the move cancel out any outstanding mortgage debt, as opposed to the homeless owner being forced to pay any additional losses - especially as they would more than likely have lost their homes due to being made unemployed in the first place.

Furthermore, they suggest that if the bank is left with a surplus of repossessed properties, they should use it as social housing for those who have no income nor money to rent.

Tumbit reminds homeowners at risk of default to take action to avoid repossession as soon as possible. Speaking to your lender at the earliest possible opportunity is alway recommended in order that a solution for both parties can be found. The full procedure can be found by clicking HERE .

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