Cyprus Mail
Business

BoC to warn non-compliant borrowers of foreclosures

By Stelios Orphanides

Bank of Cyprus will begin notifying non-performing borrowers as early as tomorrow that it may initiate foreclosure procedures if they fail to come to a debt restructuring agreement with the lender.

“As of tomorrow we expect that the so called ‘type-theta’ letters will be sent to bank customers,” a Bank of Cyprus source said on condition of anonymity. “Sending the letters is an obligation of the banks under the new (foreclosures) law. Both the content as well as details, such as the size of the font are described in the law”.

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