The Knesset Constitution, Law and Justice Committee today passed an an amendment to the Bailiffs Law to this effect.
The Knesset Constitution, Law and Justice Committee today approved an amendment to the Bailiffs Law which will require banks to provide alternative housing for up to 18 months for families evicted from their homes because of mortgage arrears. The foreclosed homes will be sold to cover the debt.
The amendment was approved for the second and third readings by the Knesset plenum. The amendment stipulates that the bailiff may not order the sale of the property until after proving the debtor and his family have reasonable alternative accommodations or have the wherewithal to obtain reasonable alternative accommodations, or have been provided with alternative arrangements
Published by Globes [online], Israel business news - www.globes-online.com - on September 2, 2008
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