Cyprus Property - Repossession Procedures

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Cyprus Property - Repossession Procedures

by Jimmy
(UK)

I have recently been delivered a new property in Cyprus but due to the value of Sterling and the collapse of other investments I had in place to pay for the mortgage (from a Cypriot bank) I find it difficult to repay the mortgage installments.

I've started considering all options now and looks like the worst possible scenario is not to be able to pay the mortgage at all. What is the process for repossesion in Cyprus? What happens if the sale of the property by the bank does not cover the money on the loan (EUR 220,000)? I live and work in the UK. Can the bank force further proceedings in UK courts?

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Cyprus Property - Repossession Procedures

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May 18, 2010

Defaulting on mortgage payments in Cyprus
by: Helen

Yes the Cyprus banks can chase you for debt repayments on your assets in the Uk or elsewhere. It may take a little time but we know of cases where people "disappeared" thinking the Cyprus banks would just take the property back and forget about it. But years later they found those people and requested repayment from Uk assets.

Remember if the banks take back a house which is worth less than the mortgage they lose out and/or if they can't sell it due to the current depressed property market then they will make a loss so will want to recoup that loss from somewhere.

Like any debt, you need to get advice from a lawyer and or debt consultant to review your options. A debt in Cyprus is the same as a debt in the UK and needs to be taken into account against all other debts to take the best course of action.

Good luck.

Helen

May 13, 2010

Can the Cypriot Banks take our property assets in the UK
by: Anonymous

Hi

We own a property near Larnaca next to a non existant golf course, we were sold a dream and a promise we are the proud owners of a lovely property in a dust bowl next to a rubbish dump.

We can can no longer afford the mortgage payments. If we default can the Bank of Cyprus take the property and then come to UK looking for our assets and wealth here ?

Cheers Worried

Apr 24, 2010

The Banks in Cyprus Own You
by: Anonymous

Lets get something very very clear here. Yes, the Banks own you and they own everything on the planet + 10%.

Face it, almost the whole world is run by the IMF that owns all the Central Banks in each and every country. Central Bank of Cyprus for example. The IMF is privately owned (Rothschlds et-al) as are all the Central Banks. These private Banks bought all our politicians years and years ago and therefore are only really puppets of the Banks and these puppets maintain an image as they are well paid and look after to do so.

These private banks issue their own private 'currency' which is completely valueless and not backed by anything whatsoever, essentially making it Toy Town Tokens which they create belief in by lying to you and me.

These private Banks then control every country's money supply and engineer ups and downs in the economy as they see fit so they can cause hardship and transfer your wealth to them.

The amazing thing is the Bank never lend you any money, only 'Credit' which is non-legal tender and just digits on a screen.

Think about it folks, this is one evil scam they have going on here.

Dec 23, 2009

Cyprus Repossessions
by: Anonymous

Ninety Nine percent of Cyprus Lawyers are tied to Banks. So if you find one that will be able to help you in a repo case you will be very very lucky.

What the banks do is give work to lawyers, not the same ones but they share it around. The Lawyers therefore are reluctant to defend anyone against the banks, who are their paymasters.

Some people run a service that has helped people who have a main home in the UK and a holiday home here in Cyprus but just can't pay the mortgage here anymore.

The Cyprus banks may come after you in the UK.

Chris Dennis

Dec 18, 2009

What happened next
by: Anonymous

Hi,

I have just read the following posts on this forum, however no one has said what they ended up doing. Has anyone defaulted and have banks pursued them?

Nov 14, 2009

Cyprus property hell
by: Anonymous

Why did I ever buy in Paphos? I have two apartments that have depreciated in price a lot over the last couple of years and now I can't sell as I wouldn't get enough to cover my mortgages. I've had a bad luck of tenants which makes it even more difficult. Does anyone know if I were to walk away and not pay my mortgages what happens? Can they take my house in the UK? Lawyers can't even give me a straight answer.

Oct 23, 2009

Cheap apartment for sale in Cyprus
by: Anonymous

If everyone is so desperate to get hold of an apartment - why can't I sell mine!

trying to sell for E50000 less than its worth.

any serious interest email me
hendrikar3@yahoo.com

Sep 28, 2009

House for Sale in Cyprus NOT north
by: Anonymous

If anyone has a house for sale I am a cash buyer looking for a house or very cheap appartment please contact me on deanbrobertson@yahoo.co.uk willing to get involved I live in the UK, Kind regards Dean

Jul 23, 2009

Repossession procedure
by: Anonymous

I have a property in Peyia which I am trying to sell due to myself and my husband not being able to afford the mortgage any longer and haven't been able to pay it for the last six months. Does anybody know how much longer we will be left to live here before the bank repossesses the property as I really dont't want to loose everything that we have put into it for the past three years.

Rose

Apr 29, 2009

Buying properties in Paphos - I could help
by: Jane Simpson

So sorry to hear all these horrendous stories of mortgage hikes in repayments but if anyone has properties in Pafos they need to sell, I am looking to buy asap.

My address is vinnysimpson@aol.com

Kind Regards

Jane Simpson

Apr 12, 2009

Cyprus Mortgage Hell
by: Jon (UK)

I am in a similar situation. Does anyone know if a Cypriot bank can chase you for money in the UK? Can they put a charge on your UK property?

Apr 03, 2009

Mortage hell in Cyprus
by: Jean

I am facing a similar situation but am 4 years down the trail of paying a mortage set up by a broker on my behalf. First two years at fixed rate of about £300, 3rd year it shot up to £760 and this year it has gone up to £970 a month (on a mortgage of £112,000)These figure are a bit confused with £CYP/Euros/£GBPSterling but you get my drift.

I have tried renegotiating mortgage with current bank, no chance there because I am now 52. Another bank were ok to give me an interest only loan for 5 years.....then they turned me down on closer inspection because of the developers being over extended...with another bank.

If there is anyone out there in Cyprus who knows of a reputable debt negotiator (as we have here) then that would be great. I am being bled dry, can't sell the place or get decent tenants. The shame is that the property is fantastic and very desirable but my Cyprus dream died long ago and I want out.

Also...check out LOADS of lawyers before you choose one. Go by recommendation and proven track record and also contact the Cyprus Property Action Group for other advice and news.Good Luck

Jan 15, 2009

Cyprus property repossession
by: Helen

Sorry to hear about your financial worries.

I am not a property expert so I would advise that you contact a good Cyprus lawyer to explore all your options.

Failure to pay a mortgage in Cyprus, as in the UK, will eventually trigger a repossession. In the UK the bank will try to recoup any shortfall between the sale of the property and the mortgage via further proceedings. I do not know if a Cyprus bank would attempt to do the same via the British courts, which is why you need to get the best advice from a well respected Cyprus lawyer and also explore all your options over how to manage your debt.

Good luck

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Cyprus Property - Repossession Procedures

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Cyprus Property - Repossession Procedures