The cabinet wants to suspend evictions for property debts until October.

On Wednesday, the Cabinet of Ministers decided to suspend the sale of assets until October 2023. Finance Minister Makis Keravnos stated that this measure allows the government to buy time to find a better solution to the issue.

It is expected that today the government will present its proposal to the House of Representatives, which also includes the establishment of a special court to handle cases of insolvent loans, Kearavnos reported. This is intended to facilitate the appeal process for property sales, providing protection for vulnerable borrowers whose primary residence is at stake.

The proposals will be presented before the plenary session tomorrow, during which a bill will be adopted that gives borrowers the right to go to court to request a suspension of the property sale process.

According to Investopedia

The sale of property is a legal process through which a creditor attempts to recover debt on a delinquent loan by obtaining ownership of the mortgaged property and selling it. Typically, delinquency occurs when the borrower misses a certain number of monthly payments, but it can also happen when the borrower fails to meet other conditions specified in the mortgage document.

More details: The government's proposal is an "unofficial" freeze on the sale of primary residential properties valued up to 350,000 euros.