Cyprus Mail
Cyprus

First foreclosure auctions in July – reports

The first foreclosed properties are to go under the hammer in July and will involve around 25 Bank of Cyprus cases of commercial real estate and land worth around 85 million euros, Phileleftheros reported on Sunday.

The BoC numbers are due to gradually rise to 100 cases, none of which are homes.

In all, Phileleftheros said, 3,000 property owners islandwide have received letters with the date, time and place of the auctions in each district. All of these cases involve final judgements issued by the courts prior to the crisis in 2013. None relate to primary residences.

The paper said the co-op intended to sell 70 mortgaged properties. It had sent out 500 letters last year but was giving most of the affected borrowers a last chance to comply. The 70 properties, worth 160 million euros concerned second homes and holiday homes.

Hellenic Bank has said previously it was focusing on viable loan restructurings, but noted that measures will also be taken against non-cooperative customers.
It was announced last month that suitable properties to host foreclosure proceedings had been found and commissioned. Auction sites for Nicosia will be a conference room in the GSP stadium and the capital’s main conference centre, while foreclosure auctions in Famagusta will be housed in a ground-floor store, and in Limassol the GSO cultural centre.

Foreclosure legislation enacted in 2014 stipulates that every district must have a designated location to hold foreclosure auctions, and an appropriate number of auctioneers appointed before the procedure can go live.

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