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The Financial Commissioner ensured a new auction suspension

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A new moratorium on the auction of mortgaged property was secured by the Financial Commissioner – The case, the decision and the reasoning

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Financial Commissioner Pavlos Ioannou secured the postponement of the mortgage property electronic auction, which was scheduled for next Tuesday, giving the borrower time to secure a loan for settlement of its obligations.

In his announcement, Mr. Ioannou underlines that the Code of Conduct of the Central Bank, which is “a very effective tool for the out-of-court settlement of restructurings of non-performing loans” can be applied correctly and fairly as long as both parties come “in good faith”.

In particular, as stated in the announcement, the borrower requested from KEDIPES the suspension of the planned auction for a period of four months , since her daughter has taken out loan procedures to secure the property.

Mr. Ioannou notes that in addition the borrower clarified that she has already at Altamira Asset Management (Cyprus) Ltd, to which she submitted a proposal to restructure her loan or extend its repayment period, but, as she claimed, she received no response to her proposal.

Source: cyprustimes.com

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