legislation foreclosure processes

New Legislation on Foreclosure Processes

The new foreclosure legislation in Cyprus includes expedited processing for cases involving primary residences valued up to €350,000 and small business premises, empowerment of the financial ombudsman to appoint mediators for loan restructuring negotiations, and a broader definition of “restructuring” that includes the ‘mortgage to rent’ scheme. These changes aim to streamline foreclosures and strike a balance between consumer protection and financial obligations, addressing the complex issues arising from financial distress and property ownership.