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17 June, 2024
 
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Foreclosures on primary residences suspended until February 2023

Home foreclosures of up to €350,000 for borrowers who belong to vulnerable groups have been suspended

Source: CNA

The Association of Credit Acquisition Companies and Credit Facilities Managers (SEDP) announced on Thursday the suspension of foreclosures on the primary residences of vulnerable borrowers until February 2023.  

In a press release, the association said that "taking into account the debate surrounding the issue and the consequences that a further suspension of foreclosures is likely to have on the wider economy, announces that until 28 February 2023 its members will not proceed with first home foreclosures of up to €350,000 for those borrowers who actually belong to the vulnerable groups of the population, as described in the decision of the Council of Ministers dated 22/8/2022."

The matter has been the subject of debate in parliament, with MPs expected to vote today on whether to extend a targeted suspension of such foreclosures which was in place until the end of October. 

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