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All reports tagged with: "foreclosure"

What the new foreclosure bills mean

The new foreclosure bills passed by the Cyprus parliament expedites foreclosure proceedings, makes it easier for financial institutions to remove bad loans from their balance sheets, and increases the number of borrowers eligible for insolvency schemes.

Bills rewarding bad borrowers may pass

The bills rewarding bad borrowers by exempting them from paying income tax, capital gains tax, property transfer fees, stamp duty and the special defence contribution are expected to pass.

Reward bad borrowers; punish the good

In a move, which if successful, will result in rewarding bad borrowers while punishing the good, the Cyprus parliament is expected to vote on proposals granting tax relief to bank debtors by July.

Primary residences protection scheme falls flat

The government backed primary residences protection bill designed to protect an estimated 200 crisis-stricken homeowners against foreclosure has failed MPs heard on Monday.

Court bans banks foreclosing

The Larnaca District Court has banned banks from foreclosing on properties used as collateral for loans for which courts gave the go ahead before the new foreclosure law came in effect last year.

Little interest in Cyprus property auctions

The auctions by the Bank of Cyprus of ten properties valued in excess of €2.3 million got underway last week with just three of the seven plots in Paphos being sold yielding a total of €1.05 million.

Cyprus advised to do more

The European Commission has issued Cyprus with a number of recommendations to speed the issuance of Title Deeds, reduce NPLs, eliminate impediments in the insolvency and foreclosure frameworks, etc.

Some relief for trapped buyers

Although the ‘hidden mortgages’ bill is a positive step in the right direction, more needs to be done to resolve the issue of trapped buyers to enable those who have paid for their property to obtain its Title Deed.

Foreclosures legislation effective from Friday

The Cyprus parliament has passed the regulations controlling property foreclosures; the law will come into effect tomorrow, smoothing the path for the resumption of bailout loan payments.

Waiting for the fat lady to sing

The ECB has yet to decide whether the foreclosures legislation passed by MPs earlier this month is sufficient to enable a review of the Cyprus Economic Adjustment Programme to be concluded.

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