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Repossession

Posted by 1970phillboy - Created: 9 years ago
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7 replies (Showing replies: 1 to 7)

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Posted by christop123456 - 6 years ago

Hello All,

A while ago, I gave www.cyprusrepossessions.com, its actualy www.cyprusrepossessions.net

Good luck

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Posted by christop123456 - 9 years ago

Don't believe everything you hear, these are the facts, The Bank can take possession very quickly if you live outside of Cyprus, if there is a shortfall, they apply through the European courts, to the Uk courts, and FREEZE your assetts! Fact!!!

see the quotes on this site, www.cyprusrepossessions.com

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Posted by Nigel Howarth - 9 years ago

Hi Bill,

It is not necessary for a bank to apply to the court. All the mortgagee has to do is serve the mortgagor with written notice requesting him to settle the debt within one month. If the mortgagor doesn't settle the debt, the mortgagee can apply to the Director of the Department of Lands & Surveys requesting the sale of the mortgaged property.

(The Land Registries have standard forms for this purpose - Form N.275 and N.276)

The court does not need to get involved.

Regards,

Nigel

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Posted by bill&eva - 9 years ago

I asked thelady who's supposed to be my personal banker if repossessed properties are available to buy at a good price >

Her reply was sorry we don't have any as we rarely repossess peoples homes .

So I'm sure you will be fine ~ I know quite a few Cypriots who haven't paid a mortgage payment for ages and they don't seem to be in the least bit worried.

It seems that it's not usual bank policy to repossess homes of those defaulting on mortgage payments and if they did do it it takes years to go through the courts .

The only problem I can see is if your situation improves and you want to pay off what you owe you will find the bank has racked up what you owe to a huge amount .

With the present state of Cyprus and the developers and ordinary people owing so much to the various banks ( most Cypriots I know are up to their necks in debt ) I can see the situation/policies changing in the not so distant future .

Bill

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Posted by 1970phillboy - 9 years ago

Hi

Thanks for the reply.It's a 1 bedroom apartment in Prodromi about 5 minutes drive away from Latchi harbour which is 30 minute drive from Paphos center. The property has title deeds and is for sale for 65,000 euros and is fully furnished and all white goods..Two years ago it was on the market for 105,000.

I still keep in touch with friends over there and they say nothing is selling at all, and banks are only lending money on propertys that only have title deeds.

Cheers Phill

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Posted by johnbeeks - 9 years ago

I know the banks are very lenient and rarely reposses a house. I think if you make even an effort at repaying the mortgage you will be okay. Of course it depends on which bank. If you are desperate to sell the property give us more details and maybe you can sell it. Good luck.

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Posted by glarnaca - 9 years ago

where is the flat thjank you