Bank repossession of property

[ApusApus]

Hi Terry

Good questions to which I don't know the answers! As I suggested in another post ask Nigel Howarth at Cyprus Property News, he has a wealth of information in this area, is extremely helpful & provides advice for free!

The link to his website is http://www.news.cyprus-property-buyers.com/about you can put your questions to him via the Contact link which appears off centre near the top of the page!


Shane

[Jimgward]

I wouldn’t think the ‘until mortgage term is expired’ part is correct.

I know of some land that was repossessed from a developer and now being sold by the bank.

I also have seen some property that was repossessed, being sold.

The bank would not be able to assign proper costs to the original defaulter, until they realised the value within the property and then deducted that from mortgage+arrears.

As to them paying maintenance.... I think that would be a huge challenge to get them to do so....

[ApusApus]

I would have thought as owners they would be legally responsible for payment of maintenance

They are legally bound to pay but getting it is another matter as Jimgward says!


Shane