[1] In case the value of the debt being foreclosed on is substantially less than the market value of the real property, this can finish the trouble for the debitor by paying all the credits.
If the claim is greater than the market value of the real property, debts are handled in an insolvency proceeding.
[3][4] Spanish mortgage holders are responsible for the full amount of the loan to the bank in addition to penalty interest charges, and court fees.
[5][6] Historically, the vast majority of judicial foreclosures have been unopposed, since most defaulting borrowers have no money with which to hire counsel.
In 2009 there was a growing consensus that the deepening collapse of the housing market was at the heart of the country's acute economic downturn.