Foreclosures on primary residences suspended until February 2023

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.