Despite the frustrated operation between Sabadell and BBVA , other mergers are already underway in Spain such as Caixabank and Bankia or Unicaja and Liberbank. The first operation already has all the blessings. In any case, there is uncertainty about what will happen to customers who paid a mortgage with any of these entities.
According to analysts at the financial comparator HelpMyCash.com, if the debt is not paid yet, former clients should now process the cancellation of the registration to leave the homes free of charge. Waiting for mergers to be completed could lead to management problems for owners.
The zero debt certificate
There is a key document to leave the house free of charge, the so-called zero debt certificate. “This is issued by the client’s bank office and is used to certify before a notary that the mortgage has been paid in full,” they point out from HelpMyCash.com.
It is the notary who prepares a cancellation deed which, after the entity’s signature, is taken to the Property Registry so that it can take charge of eliminating the burden on the property. In the event that an entity is absorbed, “it will be the absorbing entity that will have to issue the certificate.”
Although from the comparator they point out that due to the process “whoever intends to process the cancellation could find several inconveniences”. “That your office has closed and you have to go to a new branch, that the absorbing entity takes longer than the account to update its databases …”, they review from the portal.
The cancellation, more expensive in the hands of the bank
The option to entrust the paperwork to the bank is the most expensive according to the analysts of HelpMyCash. “The agencies that work for the entities usually charge high fees,” they point out.
In this sense, the generalized payment is about 1,000 euros, which is used to meet these fees and the associated notarial and registry fees. However, as recommended by the financial comparator, an independent agency would save an average of 500 euros in these procedures.