The Association of Credit Acquisition Companies & Credit Servicers announces that its members, following recent consultations with the President of the Republic of Cyprus and the Government, have decided to extend the voluntary suspension of sales that expired on the 31st of October 2023, and as therefore, they will not proceed with the sale of primary residences worth up to €350,000 until December 31, 2023.
The decision was made with the intention of giving more time for the completion of the legislation proposals being prepared by the Ministry of Finance and the Government regarding the legislative framework for the foreclosures of primary residences up to €350,000.
ACACS hopes for a final resolution to the foreclosure issue, in order to protect vulnerable and cooperative borrowers, while also reminding the public that all of the Association’s members, have already declared their interest in participating in the MTR Scheme.