No forced home sales until 1 July

News item -

ABN AMRO and other Dutch banks and insurers have agreed with the Dutch government to refrain from imposing forced home sales due to overdue payments until at least 1 July 2020.

Given the severity of the coronavirus crisis, homeowners must be able to remain in their homes even if payment arrangements and default management have proved ineffective in easing the situation. By making this commitment, mortgage providers are living up to their social responsibility in these exceptional circumstances.

The Dutch cabinet has announced financial support measures for employers and workers who have lost income, revenue or their jobs. These emergency measures will enable many households to pay their monthly bills. For households struggling financially despite these measures, mortgage providers are exploring appropriate solutions, such as adjusting instalments or deferring payments. Moreover, banks and insurers will refrain from imposing forced home sales until at least 1 July.

Forced sales occur relatively infrequently because mortgage providers focus on identifying payment problems at an early stage. Coaching clients often helps to prevent forced sales. The home might still be sold, however, if the lender and the consumer decide together that this would be the best solution for all, for example because the consumer would be unable to pay their bills in the long term and can move into another suitable home. A forced sale will also be imposed if the situation involves criminal activities, fraud, improper use of the home, threats or vacancy.

Share

Join the discussion

ABN AMRO would like to know your opinion, so below this article you can react to this article via Disqus. By doing so, you agree to the conditions for reacting to articles on our website.

Related news items

More news about the housing market