Cyprus Property Repossesions

by on behalf of Martha
(Larnaca)

Cyprus repossesions, I know there is a similar page on this forum, but the question was not answered. In the event of you losing your property, and of course there would be a shortfall, I say of course, because my ex wife is trying to sell her property at 2004 prices, almost 40% off, and its still not shifting! will the Banks pursue you in the UK for losses?
I have been told they will! what worries me is that it takes well over a year to reposses in Cyprus, plus costs, and then with the market being what it is, god only knows what the end sale price will be.
I read a horror story of someone handing in the keys to the Bank, the Bank then offered it to the original Developer for the outstanding amount! even though the developer was a gaurantor to the loan he was not obliged to take back the property, original purchase price was 119000CYP 200,000 euros the Bank sold the property for 83000! I guess there would be many costs, court fees and so on added to that as well? anyone with any news, or advice?