The government and institutions have clinched an agreement that will remove restrictions on foreclosure auctions for all properties on June 1, including primary residences, sources said on Sunday, ANA reports.

The out-of-court settlement mechanism for settling household and business debts, as introduced by the new bankruptcy law, will also launch on the same date.
Draft legislation for the above measures is to be tabled in parliament by the justice ministry in the next few days and will determine which borrowers will fall under the category of those affected by the pandemic, for whom the protection of the primary residence is extended until May 31, instead of the initial final date of March 15.
In addition, their case must meet additional criteria, including:
a) the value of the property does not exceed 300,000 euros
b) the annual income in the last year that taxes could be declared does not exceed 24,000 euros, increased by 18,000 euros per spouse/partner and 5,000 euros for each dependent, up to a maximum of three.
c) The household deposits and investments do not exceed 40,000 euros
d) The total unpaid capital and interest is not greater than 300,000 euros
e) The real estate holdings of the entire household and dependents, including the primary residence, do not exceed 600,000 euros.
f) Any vehicles or means of transport acquired in the last three years for private use are not worth more than 80,000 euros.

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