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All reports tagged with: "foreclosure"

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.

Cypriot banks to benefit from foreclosure law

In its Credit Outlook, which assesses credit implications of current events, Moody’s Investors Service considers the implementation of the foreclosure law is credit positive for Cypriot banks.

MPs vote to protect home buyers (update)

MPs have voted to protect home buyers who are unable to obtain the deeds and who face the threat of losing their homes if their developer fails to repay his loans or becomes insolvent.

Foreclosure protection for deed-less buyers

Parliament has asked the Cyprus government to exempt from foreclosure buyers who bought property from insolvent developers and who risk losing their homes even though they may have paid for them in full.

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