86 renegotiate mortgages daily in Alicante province

AROUND 86 families in the Alicante Province renegotiate the terms of their mortgage a day. This is an increase from July’s 2,137 mortgage renegotiations, which is an average of 69 per day.

More than 18,200 have changed their mortgage conditions so far this year as they were unable to pay their mortgage under the previous conditions.

“This data is overwhelming and indicates that the economic crisis is affecting the Alicante Province more than other provinces,” said Pedro Perez, a delegate in the Alicante Association of Bank Service Users (Ausbanc).

Only Madrid’s 2,454 exceeded Alicante’s July figures. In Barcelona there were 1,549 mortgage renegotiations, in the Valencia Province 1,506, and Malaga 1,087.

Alicante Province’s figures are even greater than some regions including Galicia’s 1,406, Castilla y Leon’s 1,347 and the Canary Islands 1,298 registered mortgage renegotiations.

More than three-quarters of renegotiations occur several weeks after the customer has defaulted on mortgage payments, according to banking sources. Some of the remaining renegotiations occurred when the properties changed ownership and the figures were similar to that of 2008.