Law Removes Cyprus Property Victims' Illegal Mortgages

Law Removes Cyprus Property Victims Illegal MortgagesMore than 8,000 Cyprus Property Victims with illegal mortgages placed on them have applied to the government for the mortgage to be removed.

“As of today, 8,430 applications have been submitted, of which 3,000 relate to properties for which a title deed has been issued.”

Legislation had been passed in September giving Cyprus Property Victims the power to remove their properties from developers’ bank loan guarantee portfolios, so that title deeds could be issued to buyers who had paid for their properties in full. This law gives the head of the Land Registry department the power to put a stop to this practice by transferring or even cancelling mortgages.

“Of these, 2,000 have already been processed and are in the process of being transferred,” the south’s Interior Ministry said.

Oh yes, right, it’s only happening in the south because the north doesn’t see this fraud as being illegal. There’s a thought, when the referendum is successful this year, will this law be adopted throughout the island? Oink, oink, what’s that up there?

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4 comments to Law Removes Cyprus Property Victims’ Illegal Mortgages

  • fluter

    If we could “Like” these posts Dom, that would definitely get one from me!

  • Polly Marples

    Oh dear…now the north will follow suit.hahahahaha
    [img]http://northcyprusfreepress.com/wp-content/uploads/2016/03/cashcows.jpg[/img]

    Not likely to want to give up their cash cows…are they?

    Next.

  • Dominic Freeman

    Fluter, no sooner asked for than included – you can now like posts.

  • fluter

    Thankyou Dom, and done!