From January 1 2015, the law for protection of main residence from auctions is no longer in force. However, Law No. 2251/1994, for consumer protection, is an exception and prohibits residence confiscation for credit card debts and consumer loans when:
- Your debt is no more than 20.000 euro
- The debtor has not consent to mortgage prenotation to the property favoring the bank
- It is proved that the debtor cannot pay the debt. However, it is important to force an opposition. If this does not happen then the process progresses normally
Protection of Main Residence, Katseli Law No. 3869/2010
If you are over indebted individual, you can protect your main residence by applying the Law No.3869 / 2010 (Katseli Law). This can be achieved either by ordering a preliminary injunction which will be in force until the final court or by ordering a final decision (if positive). Thus, you can protect your main residence and the banks cannot prosecute you provided that you will pay a monthly installment.