Until recently, persons who gave money for the purchase of a house in Spain, if it never built, were forced to claim to Companies which had become insolvent resulting often this claim fruitless and expensive.
This situation changed with a Judgment of the Spanish Supreme Court of 21 December 2015 in which applied an old Act of 1968 enacted after the scandal "Nueva Esperanza"a fraud that wiped out 10,615 homeless families from different parts of Spain (you can see a newspaper article of the time here). This law establishes a series of guarantees that have to pay Banks when perceiving amounts of homebuyers (basically opening a differenciated Bank account and formalizing insurance or a aval to respond for the return).
The novelty of that Judgment is that forces Banks (in addition to the selling company) to repayment of the amounts paid in the event that they have not established the above securities, which, moreover, has been the general trend in Spain during the years known as the "Spanish housing bubble" (from 1997 to 2006 approximately).
Following the Supreme Court ruling other lower Courts have begun to apply their doctrine. This is the case of the Provincial Court of Valencia in a Judgment of January 28 2016, in which changed its previous position and gave consumers reason, forcing the defendant Bank to repay the amounts paid with interest.
Many consumers are turning to the Spanish Courts to recover these amounts previously already assumed lost. Spanish Banks have now another problem.
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