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Mortgage Contracts

Mortgage Contracts. A comparison among Spanish , Ukrainian and Bulgarian legal system. Ivan Popov Marina Recio Delgado Olena Riznychenko. Principles of Law. Introduction. Mortgage system in Spain, Ukraine and Bulgaria.

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Mortgage Contracts

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  1. MortgageContracts A comparisonamongSpanish, Ukrainian and Bulgarian legal system IvanPopov Marina Recio Delgado OlenaRiznychenko Principles of Law

  2. Introduction • Mortgage system in Spain, Ukraine and Bulgaria. • Analysis of legislation, consumer protection and the consequences in case of failing to pay. • Comparison and conclusion.

  3. Spanish Legal System • Legislation: • Mortgagelaw8th of February of 1946. • Changes: 1981, 2007 and 2012. • Clauses: «Floorclause», Swap, Lifeinsurance. • Protection of consumer’srights: • EuropeanCourt of Justicesentence: againstprinciple of efficiency. • A posteriori protection. • Consequences in case debtors do notpay: • Givethehousetothebank & mortgagepayments. • Spanishfacts: • Evictions, suicides, and associations.

  4. Ukrainian Legal System • Legislation: • Civil Code of Ukraine “OnMortgage”. • Law of Ukraine “OnMortgage”. • Effective as of January 1, 2004. • Protection of consumer’srights: • Law of Ukraine “OntheProtection of ConsumerRights”. • Consequences in case debtors do notpay: • Intereston top of thedebt. • Courtprocedures. • Ukranianfacts: • 3 millionpeoplecannotaffordtobuy a house. • High prices, lowincome.

  5. Bulgarian Legal System • Legislation: • All banks are regulated by the Central Bank. • 25 banks and financial institutions. • Protection of consumer’srights: • Commission for Consumer Protection (CCP). • 2012, a number of violations were found. • Consequences in case debtors do notpay: • The bank becomes the owner of the property. • Bulgarianfacts: • In 2012 – around 17% of all credits are not repaid back by the borrowers. • The conditions for getting mortgage loans are more and more strict.

  6. Conclusion: • Spain has an old law and little consumer protection. • Both Ukraine and Bulgaria have legal mechanisms to control banks and protect consumers. • Spanish legal system in the mortgage field is the most ineffective and it should improve.

  7. Thankyou so muchforyourattention

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