Cyprus Property Forum for Buyers, Sellers & Investors

How do we stand with our mortgage with Laiki Bank if they go bankrupt ?

michaellowe wrote:How do we stand with our mortgage with Laiki Bank if they go bankrupt ?

If the bank does go bankrupt, a company will be appointed to liquidate the banks assets - and will still want repayment of the loan.

Regards,

michaellowe wrote:How do we stand with our mortgage with Laiki Bank if they go bankrupt ?

you just continue to pay it to someone else. The mortgage will be sold, albeit at a loss to the bank, but you will have a new lender wanting his monthly repayments. The new lender however, cannot change the original mortgage agreement.
HTH

As ever, the real question always comes back to the developer loan secured against the land on which your house sits!