12° Nicosia,
17 June, 2024
Home  /  News

Foreclosures on primary residences suspended until February 2023

Home foreclosures of up to €350,000 for borrowers who belong to vulnerable groups have been suspended

Source: CNA

The Association of Credit Acquisition Companies and Credit Facilities Managers (SEDP) announced on Thursday the suspension of foreclosures on the primary residences of vulnerable borrowers until February 2023.  

In a press release, the association said that "taking into account the debate surrounding the issue and the consequences that a further suspension of foreclosures is likely to have on the wider economy, announces that until 28 February 2023 its members will not proceed with first home foreclosures of up to €350,000 for those borrowers who actually belong to the vulnerable groups of the population, as described in the decision of the Council of Ministers dated 22/8/2022."

The matter has been the subject of debate in parliament, with MPs expected to vote today on whether to extend a targeted suspension of such foreclosures which was in place until the end of October. 

Cyprus  |  Israel  |  spyware

News: Latest Articles

Photo from Cyprus Passion FB page

Stay cool or fry trying!

Meteorologists sound red alert as blistering heatwave brings record 45°C – relief in sight soon
 |  NEWS