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There's a problem of different legal systems here.
The Spanish word embargo might involve the right to keep possession of the embargado's property, but generally it only implies the property can't be sold and it's kept under the owner's control but reserved to be eventually auctioned if the owner fails to pay their debts only in the case a judge, after legal procedures, determines so.
I'm not using the word "owner" lightly. Laws of Latin origin consider real estates to be part of civil law, not trade law, so you own your real estate even if it's mortgaged. The mortgage itself is a right in rem independent of ownership, so banks can't foreclose your real estate -the cannot "repossess" what was never ever theirs-. If the mortgage is not paid the creditor has the right to start a juicio de ejecución hipotecaria which will eventually end up with the property being sold to pay the mortgage and costs and with any remaining sum being given to the owner (who is never the bank).
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