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Wednesday, February 1, 2023

New blow to the opposition for the sales

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New blow to the opposition for the sales

The government is being “attacked” by four opposition parties in connection with the borrowers' access to justice and for the sale. Despite the completion of the discussion of the bill on the Court that protects the vulnerable groups from the sales, which was a precondition for EDEK and Solidarity, to give their positive vote in the state budget of 2021, the opposition demands more.

The counterattack of the parties moves on two levels. On the one hand, the opposition with proposals of law seeks to amend the law on Transfer and Mortgage of Real Estate (law of sales) and on the other hand, they are preparing amendments to the bill on Courts which creates special jurisdiction at the level of District Courts, which will be tried in cases of financial disputes, including sales. AKEL, DIKO, EDEK and Solidarity prepared two draft laws that differentiate the law on sales.

According to information from “F”, deputies of AKEL and DIKO prepared a bill that guarantees the right of the mortgage debtor to appeal to a competent court and submit an application for a special prohibition decree to suspend the sale of the mortgaged property or to set it aside. sale notice, challenging either the amount of the debt or the legality of the mortgage.

In particular, the two parties seek to shield borrowers regardless of whether they have received letters from banks to get their property under the hammer. Under the proposal, the debtors or any other person in the proceedings will be able to obtain a special interim injunction from the District Court, which will prohibit the mortgage lender from starting or continuing the process of selling the mortgaged property.

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Source: www.philenews.com

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