Debt holders have a last chance to cover their “red” (non-performing) loans before banks begin to send “notes” calling for payments to be made. These notes will a be a last-minute warning sign before distress funds enter the picture placing property in danger.

Alpha TV reports that banks have already sent a million notifications to debt holders with delays of more than 90 days to pay back their installments.

Those who receive the relevant letter need to fill in an application by December 31 where they will outline their financial data.

Based on this data, banks will propose resettlement for loans. Among other things, it will be proposed to offer the property to banks on the condition that the debt holder would be allowed to stay by paying rent.

Debt holders that don’t respond to the letters are in danger of being classified as “non-cooperative” and may have their houses auctioned off.

The first stage of notifications will concern those who have 90 days worth of delays, however future notifications will be sent to those will smaller delays of as much as one month.