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Mortgage holders who fail to pay off their mortgage loans face foreclosure. 30,000 owners of non-performing loans received an ultimatum from banks. Specifically they were issued warnings to pay up their loans or else they would receive notification of foreclosure.

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;

Huge questions are raised as to the consequences that new measures concerning non-performing loans (NPLs) or so-called “red loans” will have on Greece’s real estate market that has been in a slump for the last seven years with over 250,000 vacant properties for sale. Real estate professionals still don’t know how much lower prices will fall as a result of foreclosures and auctions.

Emerging markets must create the valid legal conditions and a "level playing field" to gain access to Islamic finance at the international level, Zamir Iqbal, the head of the World Bank Global Islamic Finance Development Center, has told Anadolu Agency.

Main opposition New Democracy (ND) leader Evangelos Meimarakis attacked the government on the omnibus bill of non performing loans which was “submitted in the middle of the night on emergency procedure after agreeing with the lenders on its translation”.

An agreement was reached between the Greek government and the representatives of the three institutions (EC, ECB, IMF, ESM) that envisages subsidizing installments of mortgage loans for more vulnerable households and debt write-offs for households with an annual income of 35,000 euros and real estate worth less than 230,000 euros.

Negotiations between the Greek government and the four creditors from the European Commission, European Central Bank, European Stability Mechanism and International Monetary Fund appear to moving towards a deadlock as far as decisions for non-performing loans are concerned.

Greece’s government took another baby step away from home owners in danger of losing their primary residence in the hope of reaching a compromise deal with creditors from the European Commission, European Central Bank, European Stability Mechanism and International Monetary Fund.

Failure to secure the 2-billion-euro tranche benchmarked for Greece at Monday’s Eurogroup, means its back to meetings with representatives of four international creditors from the European Commission, European Central Bank, European Stability Mechanism and the International Monetary Fund.

The Greek Ministry of Development is close to locking in its deal with Greece’s international creditors (EC, ECB, IMF, ESM) concerning the protection of primary residences from foreclosure. The agreement is expected to bring respite to thousands of households – known as “red” borrowers – that are struggling with mortgage debt.