Cyprus Problem | Foreclosure Bill Implications

Cyprus Problem | Foreclosure Bill ImplicationsWITHOUT PREJUDICE

Cyprus Problem – Foreclosure Bill Implications

You would have to be on another planet not to realise that the Republic of Cyprus are in deep doodoo.

They have massive loans they are finding hard to service and the next tranche of money from Troika is dependent on their meeting the conditions of this loan. Not least is the implications of the Foreclosure Bill. The conditions within the proposed bill is meeting with strong resistance from the opposition parties and the watered down version is not being readily accepted by Troika.¹

Foreclosure is unpleasant for those who truly, and through no fault of their own ,cannot pay their debt. Even more frightening when it is a mortgage you took on your home.

Imagine then, if like so many in the north, it is a stealth mortgage taken without your knowledge or consent on your home/holiday home/investment property. Is it fair that you should be called upon to pay it..OR ELSE? This form of blackmail is happening in the north and to an even greater degree in the ROC. Lax laws and shoddy banking practices coupled with advocates/lawyers acting negligently or criminally is the cause of this.

What is even more surprising is how easily the corrupt amongst the Cypriots in both the north and the south have embraced this practice. Borrowing money using security no longer available for the purpose, but being accepted by the bank seems to be common practice. The innocent victim is treated with contempt by the perpetrators and the law. There are no consequences for the thief even though the victim stands to lose everything. On Pirate Island the Pirate always wins.

My advice, do not buy on the Island of Cyprus. It can harm your health and wealth.



Pauline Read


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