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All reports tagged with: "foreclosures"

Tougher insolvency & NPL laws

MPs approved tougher laws for dealing with non-performing loans (NPLs) and foreclosures that should also enable trapped buyers to get a Title Deed at a special plenary session of the Cyprus parliament yesterday.

Bank of Cyprus, the reluctant estate agent

With the Bank of Cyprus now being the island’s second-biggest private real-estate agent after the church, it might be seen as a good place to start bargain-hunting for a property in Cyprus.

Nicosia protest against foreclosures

A protest outside the presidential palace in Nicosia against foreclosures of primary residences and business premises passed without incident on Thursday with the demonstrators dispersing by around 6pm.

Bank of Cyprus to foreclose on ten properties

The Bank of Cyprus plans to foreclose on ten properties valued in excess of €2.3 million next month – six properties in Paphos on June 23 and the remaining four properties in Nicosia the following day.

No apologies for foreclosures

Bank of Cyprus CEO John Hourican made no apologies for foreclosures stressing that the bank will focus on uncooperative borrowers and will not foreclose on vulnerable groups that deserve the bank’s protection.

Hammer time for foreclosures

Around 3,000 foreclosures have been pending at Land registries and thirty auctioneers are polishing their hammers to begin auctioning commercial buildings, holiday homes, and land owned by large debtors.

Foreclosure auction venues selected

A venue in each of the island’s districts has been selected where the auction of foreclosed properties will take place following a tender process by the Association of Cyprus Banks.

Debt relief and foreclosures

While the Cyprus Insolvency Service has received four applications since the scheme came into force, it seems likely that the Bank of Cyprus will be the first lender to foreclose on property offered as loan collateral.

MPs focus on foreclosure regulations

Cypriot MPs are continuing their discussions on the rules regulating the auctioning of properties that will enable the new repossession laws, which were passed in April, to come into force.

Foreclosures hurdle must be overcome

The foreclosures hurdle must be overcome before the Cyprus adjustment programme can be brought back on track, said Eurogroup president Jeroen Dijsselbloem following a Eurogroup meeting on Monday.

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