Cyprus Property Forum for Buyers, Sellers & Investors

Hi Nigel.
The Bank of Cyprus have sent us a ;etter demanding full payment of the mortgage. We have been unable to pay it for a year.
We have emailed our rep in the bank and explained that we are actively seeking a long term tenant and actively seeking to sell it.
Is this enough , How long before they issue us with court appearance.
Do we need legal representation.

Hi Mazotos100 and welcome to the forum.

Did you negotiate a 'payment holiday' with the bank - or did you just stop paying?

I cannot speak on behalf of the bank - I don't know what their reaction will be to your explanation or how long it will take them to start proceedings against you (or even if they will start proceedings).

I suggest that you read an article I wrote three years ago 'HELP – I can’t pay the mortgage!'

If they do start proceedings against you, you will need to defend the action - and you will need legal representation in Cyprus.

If you choose not to defend any action, the bank will be awarded judgement against you and may then apply for a European Enforcement Order to have the judgement enforced in the UK. You will not be given the opportunity to defend the enforcement order.

I'm afraid that as a consequence, your UK assets may be at risk.

Regards,