Cyprus parliament receives new bills to tighten foreclosure rules

The House plenary this week received a series of bills tightening the framework governing foreclosures and strengthening protections for loan guarantors, as political pressure mounts over the handling of non-performing loans.

Two of the proposals were tabled by MP Stavros Papadouris and seek amendments to the Immovable Property (Transfer and Mortgage) (Amending) Law.

The first provides that, where attempts to sell a mortgaged property continue beyond six months from the completion of the first auction...