Wednesday, February 1, 2023

FORECLOSURES BEGIN AGAIN TODAY

 Filenews 1 February 2023



The procedures regarding foreclosures resume from today after the suspension approved by the Parliament, which ended yesterday.

The suspension, which had been voted on November 10, while in early December the Parliament had rejected the relevant referral of President Anastasiades, concerned non-performing loans secured by a main residence worth up to €350,000, business premises of the debtor for businesses with an annual turnover of up to €750,000 and parcels on which agricultural and livestock activity is carried out, the estimated value of which does not exceed €100,000.

On the basis of part VIA of the Transfer and Mortgage of Immovable Property Law, the mortgagee commences the process of selling the mortgaged property after serving on the mortgagee and any other interested person, a written notice in accordance with Type "I" of the Second Annex, accompanied by an account statement of the mortgage debt due, interest and all costs for its recovery, inviting him to pay the amount, in accordance with the account statement served, giving 45 days from the date of service of the notice to pay the amount due, and publications should be made in the press.

Therefore, as the CNA is informed, there are expected to be dozens of publications, which were postponed due to the suspension approved by the Parliament.