Paphos Life

Approval by parliament on Sunday of tougher rules on insolvency and NPLs has opened the road for fast track foreclosures through e-auctions for 5,373 properties for which notification of foreclosure has been served since the third quarter of 2015 to the present.These have been piling up and are expected to move swiftly with the aim of reducing NPLs....

Read the article and chat about it below...

It's time something was done but there are people in there also through being given bad advice rather than simply not paying because they decided they didn't want to.

It’s the people who have paid their developer in full for their properties only to find that the developer has not repaid his original bank loan. Worse than that some developers who have allowed this to happen have simply used paid for properties and even developments they have built as collateral to take out further large bank loans which are also unpaid,
Shame on both banks and some developers.

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