In a mortgage foreclosure, the Sixth Section of the Provincial Court of Valencia has declared in its Order of 9 April, the nullity of the clause-IRPH provided for in a mortgage loan deed signed in 2013.
The Court of First Instance no. 2 of Quart de Poblet only partially upheld the opposition and declared the default interest clause null and void, and the clause should be deemed not to have been included.
The procedural representation of the foreclosed party filed an appeal, alleging the following points: Lack of legal standing of the foreclosing bank, given that it sold the mortgage-backed loan (the title executed in the present proceedings) to a securitisation fund; Nullity of the early maturity clause; Nullity of the IRPH interest rate, under three subsidiaries: leaving the loan without interest, referencing it to the differential and replacing it with Euribor.
The Valencia Regional Court considers that the revocation requested by the appellant-executed party must be upheld insofar as "the evaluative considerations contained in the lower court ruling cannot support the existence of a balance between the contracting parties given that the mere delivery of the binding offer is not sufficient to prove that the borrower was adequately informed of the rate whose nullity is being challenged, given that additional information is necessary with regard to this interest rate, which is not as clear as Euribor".
The Valencia Provincial Court agreed that the execution should go ahead for the principal sum claimed and the interest calculated in accordance with the Euribor, from which the sum already paid by the executed party in this respect should be subtracted, with the executing party having to present a settlement to this effect. Read more.
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