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ARTICLE · 21 AUGUST 2017

Courts Consider Confusion Surrounding Foreclosures

Elias Neocleous & Co LLC
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Elias Neocleous & Co LLC

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n order to address the problem of non-performing loans following the 2013 financial crisis, the Transfer and Mortgage of Properties Law was amended in 2014 ...

CyprusWealth Management
Elias Neocleous & Co LLC
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In order to address the problem of non-performing loans following the 2013 financial crisis, the Transfer and Mortgage of Properties Law was amended in 2014 to speed up and streamline the foreclosure process which allows lenders to repossess and sell properties pledged as security for loans in arrears.1

The amending law introduced an additional procedure under Section VIA which, in contrast to the existing procedure under Section VI, permits the direct sale of the mortgaged property by the lender without the involvement of the Department of Land and Surveys. The department's required involvement in any sale of mortgaged property had been criticised and had led to substantial delays.

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