Real Estate Bloom

The governing council of the Community of Madrid has approved a bill to promote transparency in the mortgage contract, which will be forwarded to the regional assembly now to come into force in three months. its purpose is to ensure the transparency of credit institutions provide their customers and provides penalties of up to 600,000 euros for those who violate the norm

The aim of the new rule is to ensure the right to consumer information, therefore, be essential that the signer of a mortgage knows what he is committed to its heading. Thus, the community of Madrid wants every new mortgage bank out of knowing exactly how to respond in case of default on the debt, if only the house (ie, a mortgage payment in kind support) or all its assets

entities have to provide written information to consumers “particularly detailed” data that identifies all of the Read the rest of this entry »