it was a con job

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johnnyb316
Posts: 2
Joined: 08 Dec 2011 19:26

it was a con job

Post by johnnyb316 » 03 Jan 2012 21:36

Hi , My name is Johnnyb316 ,
Bought a property in Pathos in 2007 . Like a lot of other people at that time we were conned by MRI . I also believe now that Mri were workink in conjunction with certain lawyers in Pathos and in conjunction with Alpha bank in, at the least , very shady behaviour . I mean MRI were getting people to purchase property at unrealistic prices . The were then getting morgauges without any difficulty at all from Alpha Bank . I believe now they were all in it together and were getting massive bonouses out of the whole deal . This may sound like sour grapes on a bad investment . However if you consider that Mri and some lawyers in Cyprus are being brought to court for fradulent behaviour ,maybe I just might be right . It is surprisingly easy for trained professional people to con ordinary working people into parting with their cash . The amount of promisses , rental income , marinas been built , boom time for cyprus once it joined the euro etc , etc , etc . It was all lies every last word of it . All they wanted was for us to sighn on the dotted line . This we did .
Now we are stuck with a morgauge of 150000ch , an apartment that has halved in value and endless amount of worry . How Alpha Bank could loan two people from Ireland this much money with only colleratal of the Apartment itself is beyond me . The did not meet us once . It was all arranged in a matter of days through MRI and the solicitor . Yes we were as the say lambs to the slaughter and boy did the slaughter us .
Can anyone on this forum tell me what is the situation if I just tell the banks that the made a bad investment :lol: and that the can have the apartment back and do what the like with it . Thats what i'm now seriously considering doing . What action if any can the do to me .
Looking foward to a reply ( sorry about the spelling )
johnnyb316



Nigel Howarth
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Re: it was a con job

Post by Nigel Howarth » 03 Jan 2012 22:04

Hi Johnnyb316 and welcome to the forum.

Many people had problems with MRI in Cyprus and elsewhere. There is an on-line support group at http://www.mri-sg.org/ and at the top left of the page you will see a link to MRISG Forum. I suggest you join and see what actions people are taking.

There is also a Facebook group at http://www.facebook.com/pages/MRISG-MRI ... 10?sk=wall

Regards,


Nigel Howarth
Independent information & advice for Cyprus property buyers
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johnnyb316
Posts: 2
Joined: 08 Dec 2011 19:26

Re: it was a con job

Post by johnnyb316 » 11 Jan 2012 00:24

+Thanks Nigel for your reply . Unfortunately I've not much hope in getting any satisfaction from going after MRI . They are too wealthy and they will have the law bought and paid for by the time any action against them gets to court. sad but true .
I will be going to see an Irish solicitor tomorrow about what happens if I hand back the keys . Should be interesting :lol:
Can anyone tell me how much would a one bed apt in Pathos fetch now . Swimming pool , underground garage . storage room . Very nice apartment complex ..... really is . Well kept and well maintained

Johnny b



Shanti
Posts: 1
Joined: 12 Feb 2010 04:16

Re: it was a con job

Post by Shanti » 11 Jan 2012 14:12

Hi Johnny

I like the way you are keeping it real. I would be interested to know that your lawyer says too. From my experience of Cyprus I would say that the property business over there is a national scam.



Nigel Howarth
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Posts: 2441
Joined: 24 Oct 2007 14:38
Location: Erimi, Limassol, Cyprus
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Re: it was a con job

Post by Nigel Howarth » 11 Jan 2012 15:56

johnnyb316 wrote:Can anyone tell me how much would a one bed apt in Pathos fetch now. Swimming pool, underground garage, storage room, Very nice apartment complex ..... really is. Well kept and well maintained.
I think your best bet is to take a look at some of the on-line estate agencies to get a better idea of asking prices, you may find some in the same complex as yours that are up for sale. And by the way, it's Paphos or Pafos when you search.

I guess it's on one of the Paschali developments?

I believe that a number of people on the MRI forum I mentioned earlier are taking legal advice and sharing the costs between them.

Regards,


Nigel Howarth
Independent information & advice for Cyprus property buyers
Contact Nigel Howarth
Read the latest Cyprus property news

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