Assistance program offers 24,200 homes for troubled borrowers

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The Hungarian government's NET assistance program for troubled borrowers offered more than 24,200 homes by the end of 2014, National Asset Management Agency (NET) told Hungarian news agency MTI on Friday. 

Of the homes offered, NET bought 13,927 properties. It refused 1,700 applications, mainly because they did not meet the legal requirements. NET is buying up to 25,000 foreclosed properties designated by banks and allows the borrowers to continue to reside in their homes as tenants in the framework of the program.

The former owners can buy their homes within five years. NET paid on average HUF 3.7 mln for the homes it bought, somewhat less than half of their average HUF 7.9 bln market value at the time the mortgages were signed. 

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