in Cyprus Today - 28/11/2009

malsancak


Joined: 23/08/2009
Posts: 2874

Message Posted:
28/11/2009 11:51

"Owners celebrate property success - Owners of Sante Fe property were just about to have their homes auctioned by the Koop Bank when the mortgage repayments attached to their properties by Sante Fe were restructured to allow 4 years to pay (£1.25m debt is now £4m because of penalties) and they are saying the owners are restarting stage payments now this has happened and building is restarting..."

Read more on http://www.northcyprusfreepress.com

malsancak


Joined: 23/08/2009
Posts: 2874

Message Posted:
28/11/2009 12:45

The first article mentioned above is mind-boggling, it seems to be saying that the property owners are so happy that Santa Fe have been given more time to find money to make payments on the mortgage, on what they must surely have thought was unmortgaged property, that they are giving Santa Fe even more money to hand over to Koop Bank. They don't seem to have noticed that after not being able to make payments on a £1.25m debt Santa Fe are now going to have to make payments on the £4m it has been inflated to after Koop Bank has added non-payment penalties. What money is going to be left to actually do the building? No wonder Koop Bank didn't go through with the auction, it will get far more money if it auctions the properties when they're finished. I bet not many of these owners have signed Pauline Read's petition on http://www.northcyprusfreepress.com/2009/11/17/pauline-reads-petition-against-obscene-bank-lending-policies/