Mortgage loan

Greece's largest commerce and legal associations have urged the government to urgently reform laws protecting distressed mortgage holders, warning that tens of thousands of struggling families could lose their homes this year.

The number of strategic defaulters may actually be twice the figure originally estimated by banks, as they may account for 40 percent of the borrowers who have stopped servicing their debts, mainly from mortgage loans, according to senior banking sources.

Nearly half of nonperforming mortgage loans in Greece qualify for the long-term settlement status that allows for a part of the debt to be written off, according to bank estimates.

Nearly half of nonperforming mortgage loans in Greece qualify for the long-term settlement status that allows for a part of the debt to be written off, according to bank estimates.

High property taxes and the difficulty in getting a mortgage loan resulted in a significant drop in Greek homeownership in 2016, according to Canadian ratings and surveying agency DBRS.

Banks are placing emphasis on long-term debt settlements, particularly for mortgage loans, which under certain conditions would include forgiving part of the original amount owed.

Statistics of the Bulgarian National Bank (BNB) have finally detected a significant upheaval in the credit market after years of freezing around zero. Housing loans have risen most heavily - with a significant 7.4% last year, the figures show. In absolute terms, the increase in mortgage loans is close to BGN 650 million.

As of January, funds will be able to buy all kinds of loans, including those collateralized by main residences with a taxable value of less than 140,000 euros.

The ENFIA unified property tax has evolved into a trap that will keep many Greek homeowners tied down for years to come as they struggle with what is an unreasonable levy.

Domestic banks intend to settle the almost 170,000 pending debt cases that have stalled in the country's courts in a manner that is likely to lead to generous haircuts. They plan to do so by using judicial decisions already issued under the law that protects debtors' main residences as a guide.