Alicante province leads the country in mortgage renegotiations

Alicante province leads the country in mortgage renegotiations
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By h.b. - Nov 2, 2009 - 7:44 AM

EFE archive

149 mortgages were re-negotiated every day in the province during August

The lack of cash is forcing 149 mortgages to be re-negotiated every day in the province of Alicante, according to the Información newspaper Monday. The paper reports the number for the province is the highest in Spain, beating other high numbers in Valencia, Madrid and Barcelona.

Despite the current low inflation and record lows for the Euribor of around 1%, the employment situation in many families have seen many forced to renegotiate their mortgage payments. The number of 149 a day, comes from 4,622 deals redone in Alicante province during August, statistics just released by the INE, National Statistics Institute.

Información quotes bank sources speaking of ‘real dramas’ for many of those affected, and warn that the situation seems to be getting worse.

(Property story)

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