Cyprus-Forum.com

[cypruschris]

To Milo, Milo i wish you were right, but your wrong sadly, i know this for a fact, the Bank manager has already put papers of uk assets fotward to there lawyers, these are documents which were given to the bank to get the Mortgage! why would Britian retailate...how with what....

[dinos]

Dinos, do not forget that both Cyprus and the UK are European Union member states. A judgment obtained in one EU member state is enforceable in another. This includes the seizure of property to satisfy debt recovery claims.

Understood, Tim. The issue is that a mortgage is a collateralized debt instrument issued against certain underlying property. Going after someone's other assets to cover the underlying makes no practical sense and I'm genuinely surprised that this would be legal.

@ CyprusChris, I still say they're not going to do it. That said, you should consult an attorney when coming under a credit attack - NOT an internet forum. I can't stress enough how important this is. And if they really do try and take your ex's belongings, I would call the BBC and get your story out (with as much gratuitous crying on your ex's behalf as possible).

@Milo, I've heard about the issues with title deeds, etc. And some idiot that owns a tree on the property not allowing the sale to proceed, shady lawyers, dishonest real estate agents, etc, etc. This is one of the reasons why I have not bought property there. The system there surely needs to be straightened out and when in doubt, it's best to just keep away.

[Milo]

To Milo, Milo i wish you were right, but your wrong sadly, i know this for a fact, the Bank manager has already put papers of uk assets fotward to there lawyers, these are documents which were given to the bank to get the Mortgage! why would Britian retailate...how with what....

Really sorry Chris, I assume you have a Lawyer on that side to fight your corner? I still feel its scaremongering and really an attempt to get you to do something. The UK won,t retaliate over house sales that are normal, BUT they have interfered somewhat over expats who have suffered scams etc on buying here, and still are.

I,m no expert either but Banks here for instance who lent money on property to anyone knowing that the actual property (because of non issuance of title deeds) still belonged to the Developer, even though you lodged a contract of sale in the land registry, were not exactly truthful either

Suggest you get in touch with the local land registry to see for instance IF there is any other mortgages on the land that the developer has.

I won,t encourage anyone to not pay their debts if able BUT in many cases the banks here have lots to answer for.

I think that you must encourage a regular contact with the bank concerned as it may after sometime produce results.

[Tim Drayton]

Dinos, do not forget that both Cyprus and the UK are European Union member states. A judgment obtained in one EU member state is enforceable in another. This includes the seizure of property to satisfy debt recovery claims.

Understood, Tim. The issue is that a mortgage is a collateralized debt instrument issued against certain underlying property. Going after someone's other assets to cover the underlying makes no practical sense and I'm genuinely surprised that this would be legal.

@ CyprusChris, I still say they're not going to do it. That said, you should consult an attorney when coming under a credit attack - NOT an internet forum. I can't stress enough how important this is. And if they really do try and take your ex's belongings, I would call the BBC and get your story out (with as much gratuitous crying on your ex's behalf as possible).

@Milo, I've heard about the issues with title deeds, etc. And some idiot that owns a tree on the property not allowing the sale to proceed, shady lawyers, dishonest real estate agents, etc, etc. This is one of the reasons why I have not bought property there. The system there surely needs to be straightened out and when in doubt, it's best to just keep away.

Doh! I get it now.

[Tim Drayton]

... although it would appear that even within the USA the situation varies between so-called 'recourse' and 'non-recourse' states.

http://www.loansafe.org/forum/foreclosu ... tates.html

In a non-recourse mortgage state, borrowers are not held personally liable for more than the home’s value at the time that the loan is repaid. The lender may recoup some of its loss through foreclosure. However, the lender may not sue the borrower for additional funds. If the foreclosure sale does not generate enough money to satisfy the loan, the lender must accept the loss.

[cardshark]

a strange coincidence

http://www.gumtree.com/london/55/51651355.html

Official your Main Home in the UK is at risk.

If you default on your Cyprus property the Banks here, will persue you in the UK and look for payment or place a charge on your UK assets.

It may take up to 18 months (longer if you can prove it is your home),

It may sound therefore that you have time, but every interest and charges will be added, We helped someone recently and found that the bank had added another 10% their interest payment. So they were paying 16.2 % per year.
Dont stick your head in the sand or procrastinate. Contact Us NOW

We can help you Call: Chris on 0035770002101

Cyprus Repossession Solutions

[dinos]

... although it would appear that even within the USA the situation varies between so-called 'recourse' and 'non-recourse' states.

http://www.loansafe.org/forum/foreclosu ... tates.html

In a non-recourse mortgage state, borrowers are not held personally liable for more than the home’s value at the time that the loan is repaid. The lender may recoup some of its loss through foreclosure. However, the lender may not sue the borrower for additional funds. If the foreclosure sale does not generate enough money to satisfy the loan, the lender must accept the loss.

Valid point, Tim. While I haven't researched the matter thoroughly, I think it's second mortgages, lines of credit, etc that would fall into the recourse bucket. I've got some further digging to do. Hope you have a happy new year!

Again, Cyprus Chris - I would seek advice from an attorney in England (assuming that's where you live). I'm not sure if the bank would have to sue you in England to gain her possessions, or if a court ruling in Cyprus would be honored in the UK. A qualified attorney in England should be able to direct you on the best way forward.

[alexsinned]

The Cyprus Banks have no real sympathy for investors, some one told me about a company rn by Brits that are trying to do help Brits ease the headache of the Banks chasing them for money. I let you know what this is.

Alex

[bluelagoon33]

sorry to hear that buddy.

your not the only one. iv lost it BOTH my house and my insaity!! so your doing pretty well;))

C, your already feeling better!!

one word of wisdom...dont be stressing over a few bricks now. after all, if you wanted to keep your house you would of found a way and moved here. you live in london.

Good luck

DALALAMA-bluey!!

[cypruschris]

Hi All To set the record straight, my wifes property has title deeds, no one ripped us off, no developer, no bank no lawyer, I have to say im a little dismayed by all the finger pointing, we are adults, we do things as grown ups with our eyes open, I had to say this because this thread was just doing the blame game! sorry but thats it!
Having said all this the Banks are un-real, if i had known they can terminate your mortgage without Court action, or even a lawyers letter!!!