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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.

Approval of primary home protection expected

The European Commission is expected to give the go ahead for the primary home protection scheme aimed at crisis-stricken households unable to maintain their loan repayments due to unemployment or drop in income.

Primary residences protection scheme

The Cyprus Land Development Corporation has been allocated €2 million to protect primary residences by helping borrowers deemed to be insolvent by the Financial Ombudsman’s office to make repayments on their housing loans.

Primary residence protection scheme

The Cyprus Land Development Organisation is to manage a scheme aimed at protecting the primary residence or the business premises of small debtors from repossession by the banks.

Pledge to protect paid-up buyers

Following President Anastasiades rejection of the ‘home buyers protection bill’ the Interior Minister has instructed the House of Representatives to draft a bill to protect paid-up buyers from repossession.

Title Deeds: ‘a complete and utter mess’

Although MPs voted though amendments preventing banks from repossessing homes that people have paid for, home buyers will still be unable to secure their Title Deeds until the developers debts have been repaid.

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.

Mortgage regulation tightened

The Mortgage Credit Directive 2014/17/EU aims to enhance consumer protection for those buying residential property and should end devious banking practices in Cyprus and other EU member states.

ECJ ruling protects consumers with Swiss franc loans

Consumers who received a loan in a foreign currency from a bank are protected from exchange rate fluctuations by a ruling of the European Court of Justice according to lawyer Pavlos Angelides.

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