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

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.