We spoke with Nana Papadogeorgaki, a lawyer and accredited mediator, who was a guest in the Voice of Greece studio, about how borrowers who find themselves in financial difficulty can—and should—respond when struggling to repay their loans.
Our discussion focused on the latest developments regarding property foreclosures, prompted by the recent news that a court annulled the auction of a borrower’s home over a debt of just €12,000, despite the property being valued at €122,000. We examined the legal tools available to borrowers, the importance of staying informed, and the need for immediate action when faced with the threat of seizure.
We also discussed the law passed in 2020, which provides for the lease-back of foreclosed properties to the individuals who lose them for a period of 12 years—a provision that is finally expected to be implemented this year, six years after its adoption by the Hellenic Parliament. The Acquisition and Lease-Back Agency, which will allow vulnerable borrowers to avoid being forced out of their homes following foreclosure, is expected to be established within the year.
Further reference was made to borrowers who took out loans denominated in Swiss francs, as well as to the steps borrowers must take when they reach the final stage of loan repayment, in order to complete the process, lift the pre-notation of mortgage, and secure full ownership of their property.