Cyprus Property Forum for Buyers, Sellers & Investors

Hi

I've recently read about people's properties being taken off them with or without teeds and also if there is a mortgage on property or clear of mortgage to pay the developers debt to the bank.

Hi Jam,

If people fail to maintain their home loan or mortgage repayments and are unable to come to an agreement with their lender, their property is at risk. (As far as I am aware, no primary residences have bee seized by the lender, but holiday and second homes have been seized).

If, on the other hand, their developer fails to maintain his mortgage repayments they should apply for their deeds under the provisions of the 'trapped buyers' law as this should prevent their property being seized.

Regards,

Hi Nigel

Once I have paid my property off without deeds then I stand as the others in my development
Who still owe mortgages etc.

I believe we have developer loan on our properties and other resident have either left properties and
I know of one who has not paid any loan payments and 7 years later its still with the courts.

Development was built by Goldenlands of Latachi and I believe they owe the bank millions.

Hi Jam

If you apply for your deeds (see Applying for Title Deeds (update 17 May)) then you should get them regardless of whether others on the development are not paying their loans or if the developer owes the banks millions.

Regards,