NONPERFORMING MORTGAGES

Loan servicers against horizontal freeze on auctions

loan-servicers-against-horizontal-freeze-on-auctions

Loan servicers believe the government was wrong to suspend forced measures against all debtors, as the pandemic has not hurt all enterprises and individuals.

Theodoros Kalantonis, doValue’s regional manager for Greece and Cyprus, said only Greece and Hungary have seen the horizontal suspension of property auctions.

According to servicers, the market estimates that over the next five years, 250,000 properties with bad loans secured against them will be auctioned or sold through agreements with the debtors.

After the extensive securitizations and loans sales by banks, some 1 million properties have been passed on to foreign funds.