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Marbella homeowners risk losing their properties
Country: Spain
18 February 2009
Over a hundred owners of property in Marbella, Spain, risk losing their properties as a consequence of the collapse of the Icelandic bank Landsbanki, reports Spanish Property Insight. The case is being treated as a potential fraud, and most of the victims are British pensioners.
Many homeowners remortgaged their home in Marbella in order to invest in a fund run by an insurance division of Landsbanki, which was supposed to cover the mortgage payments and provide an additional income. However, the bank has since collapsed, which has left many homeowners unable to finance their mortgage payments, which could lead to their homes being repossessed.
Local authorities are now treating the case as a potential fraud by Landsbanki, and some of its subsidiaries.
Related news
Spain's eight largest banks last year formed or revived property divisions that purchased up to €7.8bn (£6.9bn) worth of property in Spain that was owned by struggling homeowners and developers.
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