Vultures eye 250,000 properties thrown to the mercy of distress funds

150,000 households and 50,000 SMEs ‘in the red’ and threatened by the new measures

250,000 properties are under threat following the voting of measures in the mult-bill that was adopted by Greek Parliament on Tuesday, December 15. Mortgaged properties are now in danger of heading to distress funds in a new round of negotiations due to take place in February to discuss:

– mortgage loans for first homes;

– loans Small and Medium-Sized Enterprises (SME) based on the business turnover and size of personnel;

– consumer loans.

Daily newspaper Imerissia reports that 150,000 household loans and 50,000 business loans with property as collatoral are in the ‘red’. 30,000-50,0000 holiday homes are in the lurch as only primary homes are protected.

According to the deal struck by the government and lenders:

– Secondary homes held in mortgage are not protected from foreclosure;

– Businesses that aren’t considered SME may end up having their loans transfered to distress funds;

– From February 15, 2016, mortgage loans for primary homes will be transfered to distress funds.