No justice over complications with auctioning property

To the president of Cyprus,

I listened to your position regarding auctioning property before the true amount owed was determined by a court.

My daughter and I are caught up in this situation. We were mis sold a Swiss franc-based mortgage by the Bank of Cyprus 18 years ago. Because of the massive change in exchange rate, and despite our efforts to pay as much as we could, we ended up owing 300 per cent more than what we should owe (as determined by two independent banking consultants). In other words €300,000 instead of €100,000! The house is worth €250,000 at the last valuation.

The BoC has sold the NPL to a financial institution which is now threatening us with auctioning my daughter’s house from under her – throwing my divorced daughter with three children under 14 out into the street!

I employed a solicitor seven years ago to determine the true amount owed but because of the Third World justice system in this country, it is still waiting to be heard. I have paid €12,000 in legal fees and banking consultancy fees so far in a desperate effort to achieve justice.

Now you come along and state that it is right and just to allow the financial institution to auction my daughter’s house, throw this vulnerable divorced mother and three children onto the street rather than allow us to go to court first and resolve this matter?

Andreas Georgiou, Paphos