Debt after repossession.

[burnt4head]

Hi
Does anyone know the outcome of any real life cases of people in the uk being pursued by cyprus banks via third parties after a repossession ?
We have a judgement against us since 2014, we negotiated at the time and paid part of the arrears, kept the house and have had no contact with the bank of Cyprus since despite being constantly in arrears which have steadily increased,
Without any warning they have repossessed the house and given the tenant a weeks notice,
The reason we haven't sold is that twice we've used recommended 3rd parties in Cyprus to help us get the deeds and on both occasions lost contact with them/not responding despite giving them the relevant paperwork they asked for,
Advice would be appreciated as I always read that banks "could" chase debts.
Thank you, B4H

[Pantheman]

My Opinion is that once they have repossessed the property, the debt will end there.

Even if you had the title deeds, it would not have made much difference if you were in high arrears.
The liklihood of them chasing you now is remote.

[ApusApus1959]

Not sure that is the case!

Surely repossession by the bank would not absolve the owner of responsibility for the debt until the property was ultimately sold and the final debt was realised? If it wasn't realised, then presumably the owner would still be liable for the shortfall?

I am sure Nigel will be able to clarify the legal position with Cyprus Law on repossessions!


Shane

[Nigel Howarth]

I go along with Pan on this. The property will have been valued by the bank before its repossession and would have pursued the debtor at that time if there'd been a shortfall.

Rgds,