Cyprus passes law on home foreclosures
Cyprus’ Parliament has given the green light to a groundbreaking law aimed at empowering homeowners and offering relief in the face of mortgage challenges.
The legislation enables the suspension of home sales through the innovative Mortgage-to-Rent Scheme and objections to participation in the program.
Proposed by members of opposition party AKEL, the law allows mortgage debtors to contest intended mortgage property sales at district courts. Notably, it integrates applications to the Mortgage-to-Rent Scheme as valid grounds for objection.
An amendment put forth by Ecologists’ Movement MP Stavros Papadouris, receiving approval with 21 votes in favor and 18 against, extends the suspension to encompass objections related to the Mortgage-to-Rent Scheme.
AKEL MP Andreas Pasiourtides hailed the law, emphasizing its pivotal role in protecting applicants’ rights to halt primary residence auctions. Pasiourtides further endorsed the Papadouris amendment for its provision of an extended suspension during objections. Papadouris himself underscored the imperative of minimizing unnecessary procedures.
