Vultures eye 250,000 properties thrown to the mercy of distress funds
250,000 properties are under threat following the voting of measures in the mult-bill that was adopted by Greek Parliament on Tuesday, December 15. Mortgaged properties are now in danger of heading to distress funds in a new round of negotiations due to take place in February to discuss:
– mortgage loans for first homes;
– loans Small and Medium-Sized Enterprises (SME) based on the business turnover and size of personnel;
– consumer loans.
Daily newspaper Imerissia reports that 150,000 household loans and 50,000 business loans with property as collatoral are in the ‘red’. 30,000-50,0000 holiday homes are in the lurch as only primary homes are protected.
According to the deal struck by the government and lenders:
– Secondary homes held in mortgage are not protected from foreclosure;
– Businesses that aren’t considered SME may end up having their loans transfered to distress funds;
– From February 15, 2016, mortgage loans for primary homes will be transfered to distress funds.
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