Cyprus Property Victims | Pursued to Pay Builders’ Toxic Debts

Cyprus Property Victims | Pursued to Pay Builders' Toxic DebtsWITHOUT PREJUDICE

Cyprus Property Victims – Pursued to Pay Builders’ Toxic Debts

The property problems in Cyprus both north and south are many and varied. Stealth mortgages are just one of the many problems and exist both sides of the border.

In the ROC they are often referred to as toxic debts and are indeed the result of illegal actions by the builders in much the same way as stealth mortgages.

Here is a letter sent to Cyprus Mail which tells of the way many of the innocent victims there are being or will be dealt with.

‘What still remains to be addressed by the banks, and I guess, ultimately by the government, is the question of those property buyers who have paid in full for their homes, yet are pursued by banks, in the form of repossession orders, to repay the toxic debts of their developers. Whilst it is clearly going to be something of a long and difficult haul to achieve anything like recovery, the disgrace of holding innocent people responsible for someone else’s debt could be reversed quite quickly and easily, by simply removing the threat of repossession and legally and openly acknowledge the fact that developers debts were created BY developers and NOT by the buyers of property, many of whom have discovered that they were mis-sold due to the non-disclosure of existing encumbrance. It is for the developers to be pursued for their ‘mis-deeds’, and absolutely not those who paid in full, honoured their contractual commitment, and did nothing wrong.
The property industry in Cyprus is so very damaged now, but this specific aspect has created one of the dirtiest and most despicable stains.’

We, the victims all know that our words fall on deaf ears, that those who could make a difference chose not to. Instead they direct us to their legal systems which at best is flawed and at worst corrupt.

Consecutive Governments on both sides of the invisible Green Line, ignore the wronged and reward the wrong doers. This is the way things are done in Cyprus.

Do not buy property in Cyprus, it could harm your health, wealth and well being.

Never give in never give up.

Pauline Read

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