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30,000 of property owners seen free-riding on foreclosure ban

Up to 30,000 home owners are believed to be taking advantage of a ban on foreclosures designed to protect mortgagors who have been unable to pay their loans since the economy went into freefall, Kathimerini understands.

According to bank estimates reported in Kathimerini on Sunday, free-riders are believed to make up about 15 percent of the sum of property owners who delay loan payments beyond a 90-day period, and who are estimated at around 200,000. According to the same estimates, property owners who abuse the moratorium also tend to have the biggest loans, in some cases up to 500,000 euros.

A series of court rulings appear to back the allegations. Greek courts have reportedly rejected about 8,000 claims for protection under the so-called Katseli law, out of a total of 80,000. Judges found that those applicants had tried to hide part of their assets.

According to data from the Bank of Greece, non-performing loans in the country increased sevenfold between the start of 2008 and the end of 2012.

Greeces foreign lenders are pressuring the government to lift the moratorium on foreclosures. The issue has been a key stumbling block in ongoing negotiations between the government and envoys representing the countrys troika of international creditors.

ekathimerini.com , Sunday December 8, 2013 (14:18)  
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