- Cyprus Property News Magazine - https://www.news.cyprus-property-buyers.com -

September vote on hidden mortgages bill

hidden mortgages AN EXTRAORDINARY plenary session of the parliament has been scheduled for September 3 in order to satisfy a Troika demand for the voting of a bill addressing the issue of home buyers ‘trapped’ in mortgaged properties by that date.

In light of this decision, the exemption of such cases from foreclosure legislation until year-end – voted by the House – has been amended to September 5.

Interior Minister Socratis Hasikos slammed parliament last Friday for shelving a government bill designed to protect house buyers without title deeds.

The bill, submitted by the government in June, was meant to sort out the mess created by the failure to provide title deeds to people who paid for the property, either because the property was mortgaged by the developer, or the state could not go ahead with the transfer because of outstanding taxes.

Last Thursday, parliament apparently decided to kick the can down the road, despite the universal demand by political parties for the government to resolve the problem.