Foreclosed properties

General questions & discussions on Cyprus property related matters
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justchris
Posts: 3
Joined: 30 Oct 2016 18:59

Foreclosed properties

Post by justchris »

Hi all

Can anyone advise what the foreclosure process is like? I am not familiar with Cyprus legislation, but it appears that the banks can't foreclose on the primary residence? If so, what happens with the non performing loan properties, the owner stops servicing the loan and the bank has no recourse against them? Is there a time limit to this, or do NPL just accumulate on banks books and jam the future lending/ construction activity?
Nigel Howarth
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Joined: 24 Oct 2007 14:38
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Re: Foreclosed properties

Post by Nigel Howarth »

Hi justchris and welcome to the forum.

I published an article just over a year ago that may help - Guidelines on restructuring loans.

Maybe someone else can advise on the detail.

Regards,
Nigel Howarth
Independent information & advice for Cyprus property buyers
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