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Approval before auctioning homes under foreclosure needed

Lenders must seek the approval of financial market regulator PSzÁF before auctioning homes under foreclosure, PSzÁF said in a statement on Thursday.

The obligation is intended to make the process of auctioning homes under foreclosure more transparent and cheaper.

Lenders will not be required to seek PSzÁF's approval if the auctions has been mandated by a court, such as in a mandatory liquidation procedure.

In a related measure, the government issued a decree in force from Wednesday under which homes under foreclosure may only be auctioned on the electronic platform of tax office APEH with a hammer price of no less than 70% of the estimated market value. (MTI-ECONEWS)