Insider Business Road opens for fast track foreclosures

Road opens for fast track foreclosures

Approval by parliament on Sunday of tougher rules on insolvency and NPLs has opened the road for fast track foreclosures through e-auctions for 5,373 properties for which notification of foreclosure has been served since the third quarter of 2015 to the present.

These have been piling up and are expected to move swiftly with the aim of reducing NPLs.

The new law abolishes letter “Theta” which is sent at the beginning of the procedure and refers to the right of the borrower to ask for loan restructuring and/or go to court to dispute the sum demanded by the bank.

With the new legislation, banks are preparing to foreclose on 183 primary homes, 939 homes/apartments, 524 commercial properties, 17 hotels, 828 plots of land, 2,812 fields and 70 properties in the ‘other category’.

In all these cases the notification of an intention to sell the property has been delivered to borrowers.

Also included are properties for which a first auction date has been set — 54 primary homes/apartments, 414 homes/apartments, 258 commercial properties, 34 hotels, 408 plots of land, 1,641 fields and 30 in the ‘other category.’

Banks have sent thousands of warning letters, but results have been poor with only 3.2% properties foreclosed.

The changed approved by the House on Sunday NPLs of €20.6 b of which half are considered terminated and could be subject to immediate foreclosure.

 

https://in-cyprus.com/news/business/house-approves-hellenic-bank-guarantees/

 

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