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End of moratorium on evictions could affect more than 100,000 properties

More than 100,000 properties in Hungary could be affected by the end of a moratorium on evictions in April, László Kovács, managing director of an office that provides services to troubled borrowers, told daily Magyar Nemzet.

The moratorium was introduced by Hungary's previous government last winter and extended until April 15, 2010. The current government extended the moratorium first until December 31, then until April 15, 2011.

If kept for long, the moratorium on foreclosures could cause banks' loan losses to grow further, the National Bank of Hungary said in a report in November. At the same time, borrowers could become less inclined to service their debts and the value of mortgaged property could decline, it added. (MTI – Econews)