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Any creditor may, in order to be satisfied with the debtor’s property, and if he obtains an enforceable title (usually a court order or payment order), may initiate enforcement proceedings. One of the means of enforcement is the sale of the debtor’s property by auctioning. This means that the debtor’s property (e.g. immovable property) is exonerated and the creditor is satisfied by the price to be paid by the successful tenderer.

It is crucial, therefore, to settle all your debts and not just those for which a mortgage or other burden has been registered on the property. Any creditor following the legal proceedings can obtain an enforceable title and auction your property. From the auction result, the creditor -in favor of whom a mortgage or other burden has been registered- will be satisfied as a matter of priority, regardless of whether he is the one who initiated the auction process.

Against this process, the debtor may file a notice of opposition and cancel the proceedings if there are legitimate reasons.

In recent years, the legislator in a manifestation of the social obligation of the State, weighing the conflicting rights and feasibility, has taken initiatives to protect delinquent borrowers. The culmination was Law 3869/2010, which has been amended so far, and which has been combined with a complex legal framework to suspend first-house auctions. Submission to this law is possible until the end of 2018, but there is no specific and independent regulation to suspend first-place auctions. Consequently, according to the law provisions, regulation and debt arrangement is the only way to avoid the auctioning of the property.

Today, as part of the economy reformation, there is the political and legislative will to arrange old debts (private and non-private) and therefore auctioning and other enforcement measures will now be conducted exclusively electronically.

Important! In case you need help in protecting your property, you should seek proper legal advice as soon as the law sets very short deadlines.