FinMin: Current rules will remain the same for electronic foreclosure auctions

Nothing will change in current legislation when foreclosure auctions are processed exclusively online, Finance Minister Euclid Tsakalotos clarified in Parliament on Friday, during the introduction of an amendment related to the omnibus bill.

The amendment also specifies that all property and asset auctions for outstanding debts to the state will take place exclusively online as of May 1, 2018.

“Whatever the Agency of Public Revenue is doing now, the same rules and priorities, and the same filters, will be applied now electronically. Nothing will change,” Tsakalotos said.

Deputy Finance Minister Katerina Papanatsiou, in her statements in Parliament, added that a house which comprises the main residence of a debtor will not be auctioned off by the state, a rule of article 975 in the Civil Legislation Code relating to arrears to the state.