How to save your home from auction.
With its decision, the Supreme Court opens the way to funds for mass auctions.
According to estimates from legal circles, with this decision, the Areopagetis "give the green light" to the funds to hold auctions in their name in real estate, which they have acquired through acquisition - as they fully legalize the action of the servicers.
In fact - after the publication of the decision of the Plenary which is placed within the next month - it is estimated that there will be a new huge wave of real estate auctions of thousands of "red" debtors.
What the decision means for borrowers
With this decision, the debtors lose their legal argument, on the basis of which they could stop the auctions.
Even those who "won" at the Court of Appeal are now at risk of facing the electronic "hammer" again.
And this is because the servicers will be able to either continue or restart the legal actions, having "in their hands" the final decision of the Supreme Court.
How borrowers can save their home
Those who belong to the category of vulnerable citizens have the following options:
1) Submit an application for settlement of their debts.
They can do this using either the Code of Conduct for NPLs to banks and loan servicers or the out-of-court mechanism.
2) Join the intermediate program.
The platform for the interim program will be open for applications throughout the 15 months that the program is in place. As the Special Secretariat for Private Debt Management (EGDIX) points out, when the imposition of seizure or the declaration of bankruptcy takes place at a later time than the launch of the platform, the deadline for submitting the application is within 60 calendar days from that day.
Borrowers are entitled to:
State subsidy up to 80% of the mortgage installment of the main residence, i.e. from 70 euros to 210 euros per month.
Suspension of creditor measures on the principal residence (eg foreclosures, auctions and evictions).
3) To receive the 2nd Chance, with simultaneous liquidation of their property.
In this way, they can then claim the repossession of the property from the Agency, which will be put into operation within this year.
In more detail, if a vulnerable debtor is unable to settle his debts, then he has the possibility to proceed with the debt discharge procedure, i.e. write off all his debts, with a simultaneous liquidation (ie loss) of his property.
So he gets the 2nd Chance, a private Entity buys his first home and re-leases it to him for 12 years.
The debtor reserves the right to repurchase it in the future, if he recovers financially.
For more information you can contact us at 231 309 7575 or gx[email protected].
SOURCE: https://www.dikaiologitika.gr/