"Ask to erase that debt. You keep the house. So let me live with nothing, but at least not with a debt for 100,000 euros or dollars," added Garcia.
"The first thing you're going to try to do is sell the house yourself, so you get the cash and you used that cash to pay your debt with the bank," explained an economist at Madrid's Elcano Institute. "But once you've been forced to give your house to the bank, you still have a debt, which then goes to a judiciary procedure - in which I think it's not that clear cut, what's the amount, if the bank sells the house, you're going to receive or be relieved of the debt."
At a time when more than one in five Spaniards is out of work, these laws make people angry. They are unhappy to see Spanish banks faring better than the average worker in the economic crisis. Only two small Spanish banks have gone out of business in recent years - unlike many American banks, for example, which needed a government bailout.
Jesus Encinar is the founder and CEO of Idealista, Spain's biggest real estate website.
"In Spain, the banks didn't need any kind of government money to stay alive or to survive, as they did in the U.S. The Spanish banks have actually done very well," of Encinar.
Approaching an election in the coming months, the Spanish government has been eager to try to be receptive to the protesters demands. Earlier this month, the government changed some of the rules about how mortgage defaulters' debt is calculated, and how much banks can deduct from debtors paychecks.
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2013-11-27
2013-11-27
2013-11-27
2013-11-27
2013-11-27
2013-11-27