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Homes worth up to €300K to be exempted from electronic foreclosure

Residences worth up to 300,000 euros will be exempted from electronic foreclosure actions that are expected to be launched soon. The exemption follows an agreement of the Justice Minister with the banks.

According to a report by athensnewsagency, all residences valued at 300,000 euros or less will be exempted from foreclosure auctions using the new electronic platform, according to an agreement reached by Justice Minister Stavros Kontonis and Greek banks on Wednesday.

The exemption will apply for all homes, regardless of whether they are protected under the so-called “Katseli law”.

Ahead of the launch of online electronic auctions, bank managements agreed with Kontonis that primary residences, holiday homes and other types of property valued up to 300,000 euros should be exempted.

In the meantime, the government is making plans to extend the Katseli law protecting households’ main residence beyond the date of December 31, 2017 when it is due to expire.

PS of course, the red loans and mortgages that have been sold to hedge funds do not enjoy any protection.

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