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The PSOE have promised to change the rules on mortgage lending, which would make it easier for defaulting homeowners to walk away from their debts.
The Government plans to allow homeowners to cancel their mortgage debt by handing over their keys, according to a statement released earlier today.
The majority of mortgages currently allow the lender to claim the difference from the borrower if a repossessed property is sold for less than the value of the outstanding debt, and can claim the money from all future earnings.
The Socialists also propose to make banks offer mortgages where the loan is secured only by the property itself, and plans to introduce measures to encourage the rental of the 700,000 unsold new homes from the crash of the property market.
