Understanding the enforcement proceedings for Spanish mortgages

This note intends to provide a general overview on the foreclosure mechanisms for real estate assets located within Spain and subject to Spanish security. This note describes two different foreclosure proceedings for real estate assets and it includes the amendments resulting from RD 8/2011 (for the purposes of identification we have marked the areas where the changes have been implemented together with a description of the former regulation). Please note that any reference to approximate terms, other than those explicitly established in the Spanish legislation, is based on our experience and shall be taken as approximate. For obvious reasons, it is very difficult to predict the precise timing for each of the steps of the proceedings since many determining factors are not under the creditor’s control. This Note only refers to Spanish Law this note is an overview which does not consider all the different alternatives or outcomes. It shall not be relied upon in order to take decisions in particular matters. Legal counsel’s advice should be obtained before acting.