North Cyprus Property | What will 2012 bring that 2011 did not?

So here we are folks, entering another New Year, full of hopes and good intentions. What will 2012 bring that 2011 did not? Well if the Government are to be believed the new law to limit the interest on Bank loans. Now this could be a very useful tool if, as promised, it is made retrospective. Of course we have an even bigger ‘if’ to contend with first. If it actually makes it onto the Statute Books. We have seen some ideas on what the limits might be, but the final draft is yet to be revealed. We have heard claims that it will be voted into law in the very near future. Mind you I have heard of sightings of the Yeti in North America too.

Let us make that huge ‘leap of faith’ and assume (makes an ass ‘of ‘ u ‘and’ me) this new Bill does make it into law. How will it affect the people in the mortgage queues? There are two schools of thought. In the case of Kulaksiz 5. The first, the journalists and Government. As I understand it, this law was created for the very purpose of dealing with the Kulaksiz 5’s problem and therefore could be said to be tailor made for them, No, says the second school of thought, some of the legal profession. It is too late for the Kulaksiz 5, the Auction makes it too late. Well I have to say, if the first school of thought is correct, why are the legal cases still being heard? Is this some perverse sort of continuation of the torture we have endured for so long so that when the Government appear to save us, we will all be expected to fall to our knees in abject gratitude? Whichever of these opinions is correct, for goodness sake, get on with it and put us all out of our misery.

Those in the mortgage queue who have not had a final legal decision, or indeed have not yet embarked on legal action, if the law comes into force retrospectively will most definitely benefit from it, in so much as the new debt will be manageable. Manageable by whom? This is the $64,000 question – those who borrowed it or those who, after the fact, were lumbered with it? I strongly suspect the only way anyone will see their property become mortgage free will be to pay off someone else’s debt. Morally, that is so wrong, realistically, probably the only way forward.

What then wll happen to all the other victims of the property scams? Well we have been reading of the case in the Famagusta court, which if the verdict goes unchallenged, or unsuccessfully Appealed could make all the difference for those victims who need the basics such as water and electricity supplied and those without planning permits. This verdict, if it stands, creates the very important precedent for all those similarly affected to follow.

What of the victims who have found memorandums placed on their homes, memorandums to cover debts incurred after the builder/landowner sold these homes but before true owners could get title transferred? What of these victims, what are the Government going to do to help them? Many have been given memorandums too, but are so far down the list of creditors, there is no chance of restitution and every chance of losing their homes.

I have linked an interesting little article regarding Mr Nadir and Mr Aziz, a subject I touched on in a recent article. I thought it would make you chuckle since we all have very little to chuckle about as we face this new year.

http://www.guardian.co.uk/business/1999/apr/08/columnists.guardiancolumnists

May 2012 bring you peace, hope, joy, health and prosperity. A Happy New Year to you all.

Never give in, never give up.

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