Cyprus Property - Repossession Procedures
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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