Well, sorry, I exaggerated. It is true that no one bids at auctions of properties in Spain, since that’s what happens in 90% of cases, so in the remaining 10% if there are people. Outside of ironies, this is a problem you guess who benefits and who harm? Yes, you guessed it, the lender benefits and harms to the garnishee.
The reasons are simple. When an auction has no one to push, in the vast majority of these cases was the financial institution is the creditor who purchases the good, of course for 50 % of value. This makes the debt of the debtor is huge and that probably will continue to pay all his life.
The reasons for these auctions have so few interests are varied and really simple. In a next post we’ll analyze.
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