Last year bailiffs sold 716 properties taken from people in order to cover their debts. The number of enforced sales carried out last year more than doubled in comparison to 2009, and increased more than four times in comparison to 2007.
People finally started talking about the crisis possibly ending last year, but for many Estonians the proper crisis has only just arrived.
Bailiffs took 716 properties from people last year in order to sell them and use the proceeds to cover people's debts. Homes as well as other loan collateral, such as summer houses or the flats of parents, were sold to cover the loans people could no longer repay.
Bailiff Elin Vilippus, whose name frequently figures in the official publication Ametlikud Teadaanded, says that there are various reasons why people fall in debt. She says that the claim that banks are always the ones that initiate enforced sales is not true.
Vilippus explains that the reason for the significant increase in the number of enforced sales last year when compared to the year before is that many people could not stay afloat any longer and had to admit defeat.
"Banks use bailiffs as the last resort. They try to cooperate with their clients first of all. 2010 was the year when they tried to keep things going, make new agreements," she says. The bailiff adds that people usually tend to hide when things get bad.
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