People who bought properties in Edificio InTempo (Benidorm) are living a nightmare because they wrongly believe that their only chance to recover deposits is to negotiate with SAREB (an AMC or Bad Bank) and remove its privileges, which is pretty complicated.
But their situation has luckily changed, because last Court judgment opens a door for purchasers to claim deposits to ABANCA, under the provisions of the 57/68 Act and the generic bank guarantee agreement that was signed with the developer, where Bank committed to release individual bank guarantees for every buyer, to cover the whole amount.
And that's why ABANCA has been sentenced to refund 112,000 deposit, plus legal interest (bout 4% every year) to our customer, although he just got a bank guarantee for € 30,000.
So if you did pay a deposit for a property that wasn't built or completed in time, just don't surrender and fight for what' s yours. We would be delighted to advise you about the best way to proceed.