Cyprus Property Repossesions

by on behalf of Martha

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?

Comments for Cyprus Property Repossesions

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Dec 25, 2009
Cyprus property repossessions
by: Helen

As the owner of this website, I've said it before but I am NOT a property expert. I therefore don't know the answer to your question. The only advice I can give is to contact a GOOD lawyer in Cyprus to seek advice.

It is impossible for any lawyer to answer a question here as every case is dfferent.

Good luck with trying to sort things out.

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