As follows from the relevant document, at the disposal of the Free Press, the rules in question, offered under contract ... even to borrowers, for which payment orders issued, similar to those of Katseli Law, together, however, ... a verbal clause.
Offered a grace period of two to four years, whilst 'haircut' interest, zeroing of interest and determining a low monthly installment, massively proposed recently by banks to borrowers with "red" housing.
As follows from the relevant document, at the disposal of the Free Press, the rules in question, offered under contract ... even to borrowers, for which payment orders issued, similar to those of Katseli Law, together, however, ... a verbal clause: After that the borrowers will have to decide how to manage their property, putting the "table" both voluntary sale and lease to third recognized as liable Property.
more detail, on home loan, height 102.714 euro, mortgage on property, the commercial value of which is greater, that at the time the complaint reached 143.068 euro, the bank proposed:
• The deletion interest due, conventional or default, totaling 39.871 euro, not accounted, indifferently whether arising before or after termination.
• The non-interest-bearing (interest rate 0%) the new debt, height 103.197 euro, starting from the set date and time 48 months, with repayment to be made in consecutive monthly installments. After the expiry of the grace period the remaining debt will be repaid in 228 consecutive monthly installments.
• The payment terms of the debtor for four years monthly installment, height 100 euro, - namely 4.800 in 4 years.
"Upon termination of this adjustment, and if this occurred within 48 first months will be calculated retroactively interest for the entire period that the loan was zero rate.
The bank, namely, It has the option to terminate this arrangement, if the borrower does not pay three consecutive installments or if there is another overdue debt to the same for more than three consecutive months. Complaint, the entire debt becomes due and payable ', highlighted features in a private agreement and added:
"Any payments as references nary debt, and real or personal guarantees, taken under the Convention, maintained to ensure its total debt '.
"Every arrangement is like buying a new property. Therefore, borrowers will have to decide if they want the property and if it is to pay the amount, requesting the bank to rescue.
also, They should take into account their age and whether their heirs in the future will want to accept such a loan ', notes in 'ET' lawyer, K. Dimitrios Anastasopoulos, to add: "We are in a totally new era for homeowners, who, in order to maintain their ownership, should somehow be exploited, to pay some income. In each case, borrowers will have to manage the problem with commercial terms'.
Recall that the voluntary sale by the borrower voluntarily not sell the property recognized as liable to third. If the sale price is less than the total debt, followed by deletion of the remaining debt. Regarding the case of leasing, consents to rent the property of, the monthly amount of which is not excluded -Since and rising rents across the country- to overlap the edge of the dose, arising after the grace period.
How does a change in the borrower's financial
... the obligations of both sides if detected change in the borrower's financial regulation stipulates this document. particularly, the borrower must provide in 60 days from the day you request the most recent economic data (for example, Clearing the previous year, Q9 etc.).
If the check is found to improve the situation, then there will be a renegotiation of regulation, to the bank to warn that "the possibility that no agreement is reached or the debtor fails to produce the upper limit economic data, It recognizes the right to remunerated hereinafter the debt with interest rate, not exceeding the rate that applied before the regulation '.
In case, however, which reveals a significant deterioration of the economic situation of the debtor and after submitting the request for favorable regulation in question, the bank will consider the request with banking criteria.
"This arrangement agreement exclusively governs the legal relationship existing, as established after termination of the contract. Any of the debt adjustment applications through judicial or other means become obsolete.
Remedies or means, having exercised those involved, -eneka and rendered under this Agreement- obsolete '. The relevant provision in the document, showing the "ET", ensures the resignation of borrowers, either by the law Katseli application or from future lawsuits.
According to competent sources, it is a condition sine qua non for banks, to proceed with the adjustment proposal submission, with the same, from their side, suspend any legal action or enforcement actions. "With the exception of actions, ensuring the interests of the bank (l.ch. order for payment service within two months of its adoption, timely turn in mortgage mortgage etc.)», concludes the document.
In the game ... and servicers
To inform borrowers that their personal data will be transferred to servicers banks go. As noted, "On the performance of the contract and regulation, until full payment of any debt, fulfillment of the obligations of the bank and protect its interests may be sent personal data to Debt Management Companies of loans and borrowings (EDADP) or Media Companies Debtors, to inform in case of overdue debt ".
Recall that -prosoras- authorized by the Bank of Greece (BoG) they have received 18 servicers, who will be asked the next two years to undertake the management about 50 billion. euro 'Red' loans.
New settings "breaking and freezing"
Their intention to exhaust all margins consultation with borrowers of "red" housing, before going on sale in funds, express banks.
"The housing portfolio should be adjusted and not be sold", reviewed, given the chance,, senior bank officials, referring to recent data from the Bank of Greece (BoG) whereby almost 5 to 10 (rate 44,7%) housing, a delay over 90 days, remain unregulated.
"Institutions now have the special tools, allowing them to proceed to "haircuts" and long-term solutions ", add features and end:
"These will help borrowers to pay their loans'.
In this direction the market united promotes programs, including "break", "Freezing" and "clipping" of the loan la Irish.
The National Bank, indeed, It has - for one month- launches the successor model of what goes by the name Split&Settle.
"It is more generous and more understandable for borrowers compared to other restructuring tools", said bank executives, under his presentation to foreign investors in London. particularly, It offers debt remission rate of 40%, considering the Loan To Value (LTV), the highest, namely, value of having the loan in relation to the underlying property.
essentially, namely, enables repayment of an amount, which is below the current market value. on loan, height 140.000 euro, Property value in 100.000 euro monthly installment 637 euro, EIB offers 'break' into two parts (40.000 euro and 100.000 euro respectively).
The borrower is asked to repay 88.000 euro (the 20% the first portion and 80% the second part), with 52.000 euro erased ("haircut" 37%) and the dose to be adjusted automatically at 400 EUR / month.
The response on the part of borrowers was, according to EIB staff, more than positive, since in just 30 days recorded 50% more integration applications. It is worth noting that the Split&Settle the bank expects to settle loans, height 800 million. euros 2019 and up to one billion. euros 2020.
Along the same lines moving and the other banks, without, however, to abandon their plans for securitizations. The Eurobank, for example, is nearing, to complete the disposal of "red" loans, height 9,5 billion. euro (project Pillar και Cairo). This total 84.000 housing and consumer, with mortgage property, with decisions expected by the end of next month.
From Economy insert the printed version of the Free Press Sunday