“Do not lie down but stand up and fight them!"
An Estepona Court has order an indefinite stay of proceedings in respect to a foreclosure case brought by Nordea against a Danish Equity Release victim.
Nordea’s aggressive stance was met with resistance from lawyers acting for the customer, who invoked the abusiveness of the early maturity or redemption clauses and the pending resolution by the European Court of Justice, who will decide on their potential illegality.
According to an envelope received in the offices of ERVA, Nordea Bank S.A. gave out 75 million Euros worth of mortgage loans in Spain.
It is not clear how much of it was used to finance property acquisitions (some of it was actually used correctly) and how much to defraud the Spanish Tax Office via the renowned Equity Release Scheme programme, consisting of a Spanish mortgage loan and a Unit-Linked insurance policy called Capital Managed Plan.
ERVA is aware that at least 6 Equity Release contracts exchanged in the years 2006-2008, totalling 9 million Euros.
However, the Spanish Land registry tells us that there are far more, many more…
As an ERVA member put it: “My, my, haven’t they been busy…!!”
