North Cyprus Property | Kulaksiz 5 in Court on 22/2/2013


“Bank tries to sell fully paid for property to the owners
Friday, August 6, 2010 by Name & Address Supplied

It is one week ago today since the ***Deleted Bank*** Limited Manager, Akan Kursat, the locksmith and let’s not forget the little boy, came to the house at night to do their dirty work. I assume that as the little boy was left standing on the wall outside, he was their lookout. It all sounds reminiscent of something from Oliver Twist with the villain Akan cast in the role of Fagan. What sort of parent would bring a child into a situation like this?

The bank were still talking about giving K5 mortgages on their already paid for homes but this time Akan was being coy as to how much the loan would need to be. As was mentioned previously, far in excess of the £40,000 that had been bandied about previously although he did say the interest rate would be low. Akan Kursat did say the amount required from each homeowner would be well in excess of the £40,000 and then, added to this figure, the £15,000 required from each homeowner to compensate the bank for the government taxes the bank had paid in connection with the purchase at auction.

Here they go again. the Bank have found themselves in this situation because of their alleged unprofessional and imprudent lending policies of the past. What have they learned from this? Nothing – they now propose to lend money, the investors and depositors’ money, yes folks I guess there are still people who still bank with them. Mind you, the Bank has only invested 100,000TL+350,000TL taxes in exchange for ownership of the Kulaksiz site “worth” 2,100,00TL so investors whose only concern is profit would not be too upset.

Now they are prepared to lend the investors/depositors money to a group of elderly folk, whose financial circumstances they have no idea of, over a term most of us will not live long enough to see the end of. No financial institution anywhere in the world, other than here, would contemplate giving a 100% mortgage to a borrower aged anywhere between 60 to 87 years old. Nor would they give a non status mortgage In short, the Manager would laugh at such an application and look for the hidden cameras.

***Deleted Bank*** Limited, here is how a ‘proper’ banks would do it:

1. Run a credit check on the applicant.
2. Thoroughly check the applicant’s ability to pay. Check their income, current liabilities and be sure that after they have paid these, and their other living expenses, there is sufficient money left to meet the mortgage payments.
3. Have a thorough survey undertaken on the proposed security by a professionally qualified surveyor.

Perhaps Deleted Bank you are hoping that Kulaksiz 5 will take up your offer and that when they fail to meet their obligation to you, you can put them through this all over again?

I would tell you to go to hell – but I guess there are places reserved for you there already.”

It has to be remembered that there is now evidence that the bank did commission a survey on the site, a well kept secret until recently.

The most amazing thing I find about this story is that one couple did take their offer and according to recent reports in Cyprus Today have their title deeds. What should be remembered is that this couple are at least 20 years younger than the youngest of the remaining victims. It has also been alleged that the Bank always intended to give whoever broke ranks first the best deal.

Attempts to find out just how much was paid have been thwarted. It is thought that the Turkish origin landowner’s family will not be evicted, even though the landowner Yuksel Yilmaz made it possible for the mortgage to be placed on the land (note LAND) he no longer owned. Brings a whole new meaning to the saying Crime Does Not Pay, clearly in his case it may well do.

On Thursday afternoon 21st February at 2.00 pm the victims of the Kulaksiz 5 site alleged crime will be in Girne District Court yet again to plead their case. It will be followed by another hearing on Friday 22nd February at 10.30 pm, which will of course be followed by more hearings. Will there ever be an end to this torture?

Never give in never give up


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