Page 1 of 1
non payment after CHF mortgage holiday classed as Fraud?
Posted: 27 May 2015 10:02
Hi, I am in the same situation as many here with double the Cyprus mortgage expected and an unfinished resort-I kept on taking mortgage holidays with Alpha bank and the latest one was with a agreed lump sum payment at the end-I more or less had the money at the start but lost work in the uk during the period and had to use the money to survive in the uk-I offered to sign over a property with equity in it (that I have been trying to sell )but they were not interested and are now threatening writs and cancelling the mortgage-Can this escalate from Civil to criminal??
Re: non payment after CHF mortgage holiday classed as Fraud?
Posted: 27 May 2015 11:00
Hello Alphamail and welcome to the forum
No it will not escalate to criminal proceedings BUT
If you are served with a writ or termination notice by the bank, it is absolutely essential that you defend the action in Cyprus
. If you fail to defend (either in person or through your lawyer here) the judge will probably aware an uncontested judgement in favour of the bank.
Using that judgement the bank can apply for an EU Enforcement Order
. This will result in the Cypriot judgement being enforced by the English courts and you will have no opportunity to contest that enforcement order.
As a consequence your assets in the UK, including your home, will be put at risk.
You can read more about this at Do not ignore Cypriot bank writs for loan non-payment
. The name of the company that wrote the article is at the foot of the page - and there are other law firms that may be able to help.