{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Families fear home evictions for defaulting mortgage payments' data-url='/boclips/videos/5c54c350d8eafeecae160560' data-video-url='/boclips/videos/5c54c350d8eafeecae160560' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nFamilies fear home evictions for defaulting mortgage payments\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003e1. Wide of activists protesting against eviction for defaulting on mortgage payments2. Mid of protesters with banners reading (Spanish) \"Stop evictions\"3. Close of protesters holding banners and chanting4. Wide of protest against...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. Wide of activists protesting against eviction for defaulting on mortgage payments\u003cbr/\u003e2. Mid of protesters with banners reading (Spanish) \"Stop evictions\"\u003cbr/\u003e3. Close of protesters holding banners and chanting\u003cbr/\u003e4. Wide of protest against eviction\u003cbr/\u003e5. Mid of banners against evictions\u003cbr/\u003e6. SOUNDBITE (Spanish) Eloy Morte, Spokesman and Coordinator of association Platform for Mortgage Victims:\u003cbr/\u003e\"We demand the banks to react because the popular pressure is really high. More than 15-thousand families have been evicted on the first three months of the year and they (banks) are one of the main reasons for these families to be in this situation because, during the real estate boom, banks were giving mortgages away to everybody as if they were giving away loafs of bread.\"\u003cbr/\u003e7. Mid interior of window inside flat of mortgage defaulter Inma Rodriguez\u003cbr/\u003e8. Low angle shot of Rodriguez walking with her dogs in the corridor\u003cbr/\u003e9. Wide of Rodriguez packing clothes into suitcase\u003cbr/\u003e10. Mid pan of Rodriguez packing \u003cbr/\u003e11. Mid of Rodriguez packing her stuff\u003cbr/\u003e12. SOUNDBITE (Spanish) Inma Rodriguez, mortgage defaulter whose bank warns of immediate eviction:\u003cbr/\u003e\"I didn't know what was I signing because I can't even read or write and they did not explain it to me properly. They told me I could pay for it slowly and all of a sudden they told me I have to pay more than 1,000 euros (1,430 US dollars) per month. In the beginning, when I said that was a lot they said they could decrease the amount if I couldn't afford that. But now they don't allow me to do that.\"\u003cbr/\u003e13. Wide of picture of Rodriguez's son and daughter \u003cbr/\u003e14. SOUNDBITE (Spanish) Inma Rodriguez, mortgage defaulter whose bank warns of immediate eviction:\u003cbr/\u003e\"This is my biggest sorrow: to have my flat taken away after 30 years. It's the only thing I have. What am I going to do?\"\u003cbr/\u003e15. Wide of idealista.com office \u003cbr/\u003e16. Set-up shot of analyst at real estate firm idealista.com Fernando Encinar walking in his office\u003cbr/\u003e17. SOUNDBITE (Spanish) Fernando Encinar, analyst at real estate firm idealista.com:\u003cbr/\u003e\"If there's someone who cannot pay their mortgage and all possible conditions have been re-negotiated with the bank, then let's face it: you have to be of age to sign a mortgage, and all those who ever signed a mortgage should have been aware of what they were signing.\"\u003cbr/\u003e18. Mid interior of idealista.com office\u003cbr/\u003e19. SOUNDBITE (Spanish) Fernando Encinar, analyst at real estate firm idealista.com:\u003cbr/\u003e\"When  the demand now is for the banks to accept repossession instead of payment, we have to be aware that this demand involves that my savings, yours and everybody's will be at risk and our future will be played with. I would immediately take my money out of any bank that would accept repossession instead of payment, because that bank would be risking the few savings that I've been gathering during my life.\"\u003cbr/\u003e20. Wide of protest against eviction\u003cbr/\u003eDozens of demonstrators were protesting outside a Madrid home on Wednesday, to prevent the eviction of its inhabitants following a default of the mortgage payments.\u003cbr/\u003eThe protesters are staging quickly convened rallies when they learn an eviction is imminent.  They gather by the hundreds at a targeted property's doorstep to form a human barrier and physically prevent court clerks and bank officials, with a locksmith in tow, from ejecting residents. \u003cbr/\u003eThe association behind this - Platform for Mortgage Victims - has succeeded about 50 times since 2009, although ultimately what it does is simply delay something that is court-ordered and inevitable.\u003cbr/\u003eEloy Morte, who is the coordinator of the association, blames the banks for the evictions. \"During the real estate boom, banks were giving mortgages away to everybody as if they were giving away loafs of bread,\" she says. \u003cbr/\u003eWhile nearly 98 percent of Spanish mortgage-holders are up-to-date on their payments, banks have foreclosed on nearly 300-thousand families from 2008 - when a real estate bubble burst - to 2010 as Spain lurched from boom to bust and unemployment soared.\u003cbr/\u003eInma Rodriguez is among those who is going to be evicted.  She is an unemployed cleaning lady, aged 56, who says she can barely read or write. \u003cbr/\u003eShe's now packing away her flat and any day now, because she defaulted on her mortgage, she'll be evicted from the apartment where she's lived for 30 years and raised two children.\u003cbr/\u003e\"It's the only thing I have. What am I going to do?\" she says, choking on her words and looking to the ceiling as she wipes away tears.\u003cbr/\u003eShe is keenly aware of the mistakes they made: tapping into that gushing flow of easy credit during Spain's housing boom.\u003cbr/\u003eRodriguez and her husband Manuel, who worked as a painter and carpenter, took out a big second mortgage in 2006 to pay off debts, remodel their 3-bedroom apartment and buy furniture and a new car. \u003cbr/\u003ePerhaps the heaviest luggage she will lug from her increasingly barren home is the knowledge that a big chunk of her 200-thousand-plus euros (290-thousand US dollars) bank debt, plus court costs, plus penalties, comes with her - all alive and kicking even though she's losing her home.\u003cbr/\u003eAs in many European countries, Spanish mortgages are not like US-style ones in which defaulters can return the keys to the bank and walk away from their debt, albeit with their credit rating in ruins. \u003cbr/\u003eLast week the government passed a decree that seeks to address the plight of evicted debtors.\u003cbr/\u003eThere is a clause in Spanish law under which a bank holding a mortgage can take possession of the home for just 50 percent of its originally assessed value if the bank tries to auction it off and no one bids. \u003cbr/\u003eThat is usually the case these days because the Spanish real estate market is so comatose. The crisis has caused property values to drop by a third or more. \u003cbr/\u003eThe decree passed last week by the government raises the proportion the bank has to pay to 60 percent.\u003cbr/\u003eThe Platform for Mortgage Victims - the association staging the doorstep rallies - wants Spain to usher in US-style legislation under which simply returning the property - and not being saddled with debt indefinitely and having a percentage of your wages seized - will allow former owners to simply walk away and try to rebuild their lives.\u003cbr/\u003eBut the proposition is not welcomed by everyone.\u003cbr/\u003e\"We have to be aware that this demand involves that my savings, yours and everybody's will be at risk and our future will be played with,\" says Fernando Encinar, analyst at real estate firm idealista.com.\u003cbr/\u003eThe Spanish Banking Association says this would require a complete overhaul of the Spanish mortgage system, currently based on very low interest rates - even now, when they are rising, they can be below 3 percent - repayment periods of as much as 40 years and no mandatory mortgage default insurance.\u003cbr/\u003eThe result, it says, would be banks granting fewer, smaller and more costly loans that are repayable in a shorter time, and thus the 97 percent of mortgage-holders who do make their payments on time would suffer.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead More\u003c/span\u003e\n\u003c/button\u003e\n\u003cdiv class='rp-report'\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='resource-details-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' id='resource-details-heading'\u003eResource Details\u003c/h2\u003e\n\u003cdiv 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