I have a mortgage of 110 000 Euros and I owe 45 000 Euros in interests for late payment and procedure charges. Do I have to pay all that interest and those costs?
Evaristo Nievas Gomez - Abogado / 699654217
The extension interests come into action when the debtors stop complying with their obligations as borrowers: in this case since the moment you stopped paying your mortgage. The legislator has established limits on the interests for lateness and on the procedure fees for mortgages on main homes, this is the law 1/13 for the protection of mortgage borrowers. There is a limit on the interests for lateness for mortgages on main homes that are three times the legal interest on money, as a maximum and for the procedure costs. In any case, some abusive clauses could be cancelled or even the procedure could be paralysed or archived because of the maturity clause. Therefore, you should request the cancellation or object to the execution of the mortgage because of the existence of abusive clauses and when the tribunal declares the cancellation, with this jurisprudence, you won't owe those 45 000 Euros, and there will be a limit on the costs. Regarding the interests for lateness, you will only owe the ordinary interests that will represent a big saving, in spite of the existence of other clauses that could bring other financial advantages. .