As construction in Spain boomed money was loaned just as fast as properties were built, now thousands of Spaniards are unable to repay the loan.

Those in Spain who fall into mortgage debt and have their property foreclosed sink deeper into a lifetime of debt. Spain has has the highest unemployment rate in the Euro zone, 20% and real estate prices falling like a stone.

Not only are Spanish mortgage holders personally liable for the full amount of the loan, but through in penalty interest charges, and tens of thousands in court fees, people can end up owing a mountain of debt, Bankruptcy is not the answer as mortgage debt is specifically excluded as an option.

The Banks have the right to auction in foreclosure. If no buyer appears the bank can take ownership for 50% of it's value in what ever time the mortgage specifies then have 15 years to go after the homeowner.

If the banks initiate proceedings at any point after this the the clock starts ticking again. There's no way out.