Cyprus Interior Minister Prevents Banks Auctioning Mortgaged Properties

THE CYPRUS government has reportedly put on the backburner a bill allowing the repossession and auctioning off of mortgaged property, on the grounds that enacting the law now in the midst of the financial squeeze would be bad timing.

The bill has been prepared by the Land Registry Department and has been vetted by the Attorney-general’s office. It aims to amend the ‘Immovable Property (Transfer and Mortgage) Law 9/65′ so that mortgagees – such as banks – may sell off real estate, including via a private auction.

It would pave the way for mass repossessions by banks of mortgaged properties (residences and plots of land).” [www.news.cyprus-property-buyers.com]

Unfortunately it looks as if only the south has the common-sense to see that auctioning properties which may have had mortgages placed on them after being paid for is not going to look good.

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