Banks are temporarily suspending auctions of primary residence for vulnerable borrowers
HBA member-banks, consistent with their commitment to support the Greek economy during the COVID 19 crisis, have so far, and by the end of 2020 made, extensive debt suspensions for a significant number of borrowers.
At the same time, Greek banks support the inclusion of borrowers, who have granted their primary residence as a collateral for their loan contract, in the GEFYRA program of law 4714/2020 and encourage beneficiaries to apply accordingly.
Within this context, Greek banks announced additionally, that they will consider any request to suspend auctions relating to the primary residence, until 31.12.2020, for those borrowers characterized as “vulnerable”, as defined under Article 4 of the Ministerial Decision D13ec 10747/256/2019.
Above suspension requires the submission of a request by the vulnerable borrower towards the bank and the declaration of removal of his banking secrecy in order to ascertain that he belongs to the “vulnerable” borrower definition of the Ministerial Decision.
Wherever the criteria of “vulnerability” are not met, the auction process will proceed normally.
