Disgraceful Akfinans Bank

cyprusishome


Joined: 31/03/2007
Posts: 2381

Message Posted:
25/03/2010 09:16

For those who do not read CT Midweek, this bank are going to sell homes from under a group of British people because the builder took out a mortgage on the land after the houses were sold.



The structure of the loan was such that the interest was 80% compounded every quarter so that since 2005 the debt is now 900,000tl.



The finance minister has investigated and says he can do nothing!!!!!!



The site is Kulaksiz 5 in Karsiyaka.



A facebook page has been set up to start protesting at - http://www.facebook.com/group.php?gid=111633618851774



Please have a look and read the full article.



You can write to the bank through there web site at this address - http://www.akfinansbank.com.tr/default.aspx?content=1



It only takes a couple of minutes, these people must be helped. The next one may be you.

puppylover



Joined: 05/05/2008
Posts: 1427

Message Posted:
25/03/2010 09:32

I read the article you mention and feel so sorry for this group of expats.



They include an 87 year old and his 79 year old wife who will end up homeless if they lose their homes here.



It's very easy to read an article and then forget about it when it doesn't affect you as an individual but I think it's time that all expats support this group in whatever way they can as it is not the first time innocent buyers have been in this sitauation and it probably will not be the last.

malsancak


Joined: 23/08/2009
Posts: 2874

Message Posted:
25/03/2010 09:43

4 months ago, Pauline Read, via NCFP and Cyprus 44, tried to prevent this by organising a petition to present at her court case against the banks putting mortgages on already sold properties. There was very little interest and a lot of criticism of Pauline. In the end the case was thrown out of court.



http://www.cyprus44.com/forums/26384.asp

cyprusishome


Joined: 31/03/2007
Posts: 2381

Message Posted:
25/03/2010 10:12

Maybe one day the ostriches will get sick of having their back sides kicked.



Got to be honest I am soo peed off with own problems I wonder why I even bother trying to promote help for others.



There are hundreds out there who have been helped by the likes of HBPG and NCFP to get their deeds etc but do they come back to help others - not a hope!!!!!!!!!!



As for those hundreds with problems that are sitting back and hoping things will sort themselves out, OH DEAR!!!!

Lilli



Joined: 21/07/2008
Posts: 13081

Message Posted:
25/03/2010 10:14

david please dont give up, you create alot of awarness, x

TopTen


Joined: 15/04/2009
Posts: 1246

Message Posted:
25/03/2010 18:45

Have added my views to facebook page and will email Akfinans Bank. We need to rally round and show a united front. You never know when it will be your turn



TT's liz

cyprusishome


Joined: 31/03/2007
Posts: 2381

Message Posted:
25/03/2010 21:12

More needed.



These people are going to be home less unless you lot kick *****

marcosthechef



Joined: 30/11/2009
Posts: 646

Message Posted:
26/03/2010 00:17

'Vote with your feet' as they say, if you have money in this bank, withdraw it and close the account and inform the bank why you are doing this, if there are many expats with accounts at Akfinans Bank, they may, just may do something about it

elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
26/03/2010 01:26

Could someone please fill in the legal aspect of it, at what stage is it?

ismet

cyprusishome


Joined: 31/03/2007
Posts: 2381

Message Posted:
26/03/2010 07:51

Ismet,



I do not know the details such that I could tell you with accuracy, Marian at HBPG is fully appraised and I am sure she would let you know.

David

cyprusishome


Joined: 31/03/2007
Posts: 2381

Message Posted:
26/03/2010 08:07

Ismet, you may not get any response from Marian in short term.



I do not know detail but she has had to go to court to help another couple.



As a follow up the Kulkasiz residents would like full turn out PLEASE if or when the anticipated auction takes place, on past experience this will be at very short notice.



Sorry that is all the info I have.

elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
26/03/2010 08:39

Cyprusishome,

Thanks for your input. Do you know if the housebuyers are parrty to the court case at all? Let me explain:

The bank as the holder of a mortgage on the land can ask for the sale of the land and the vendor can oppose it in court at the first instant. However did the buyers join the court case officially in any way?

I presume that the mortgage was taken out before the registration of the contracts with the tapu. Can anybody enlighten us on these issues please?

ismet

ang1706


Joined: 28/01/2009
Posts: 570

Message Posted:
26/03/2010 10:28

This is all very worrying and Im sure those people are grateful of any type of support they can receive.



I know of another builder who uses the same bank and for past 12-18 months when I enquire as to any progress on my deeds I am told that the builder is having a meeting with the Bank Manager tomorrow!!

I am never informed of any developments and are concerned, I am a member of HBPG but as Marian will say all we can do is ask questions.

Getting the answers has always been a problem!

The TRNC is a lovely place with wonderful people I am sure that they do not want to go backwards regarding property in light of the latest proceedings with EHCR. Turkey I do not think will allow this to happen wholesale again as believe it or not the Northern Cyprus House Buying dramas are well known as a joke throughout the Middle East as well as Europe.So I would advise caution and keep your lawyers informed of your concerns as I have already done so I had a reply from mine b4 my builder !!!!

elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
26/03/2010 11:20

The question of "Constructive Notice" must be brought up in court and discussed fully and it is bound to end up at the Appeal court in Nicosia. This is a matter to be dealt with by an experienced advocate or advocates i.e. experienced in court work and any experience in conveyancing does not really count here.

ismet

kibrissibel


Joined: 18/02/2008
Posts: 562

Message Posted:
26/03/2010 11:59

See the article on NCFP about Akfinans and mortgages http://www.northcyprusfreepress.com/2010/03/26/who-killed-the-north-cyprus-construction-industry/



Sibel

Denise


Joined: 14/03/2009
Posts: 590

Message Posted:
26/03/2010 12:44

Phil and Mike are my friends and this has been going on a long time. there are 3 houses also on the site belonging to the owner of the land who acted as a guarantor for this loan but apparently these houses will not be taken as the guarantor/owner is a 'friend or relative' of the bank! if we weed out corruption here then maybe justice can prevail! about a year ago the 10 residents were given the opportunity to pay 5k each to settle the loan from their own pockets some of wich were only too willing to do so but some (especially those not here permanently) were advised to sort it out through the courts. now of course the debt has risen to an amount that people can't afford. before these innocent people lose their homes the people responsible in the first place should lose theirs. the rules 'normally' here are that if you are a guarantor and the loan is not met it will fall to you to pay as the guarantor so why should this case be different?

wanderer


Joined: 05/02/2009
Posts: 1653

Message Posted:
26/03/2010 14:01

few points about this deplorable business

1 The credit rate charged is excessive and should under law be open to question by the central bank as well

2 The Guarantor should be pursued for his liabilities at the same time as the court action to reposes and a charge put on his assets

From what Pauline says the “Bank” were in cahoots with the developer so they are now leaving him alone so that he wont “squeal”

Fully aware of the people living there the bank leant so it should be an open and shut case that the bank did not do due diligence on the loan and as such could not get clear title

This is a clear fraud and criminal and as such the mortgage should be unenforceable .

wanderer


Joined: 05/02/2009
Posts: 1653

Message Posted:
26/03/2010 14:02

cont

The bank should be in the doc as well just because they are a Bank it should not be above investigation and charges if they saw the central bank after them how quick would they leave their manager out to dry

In conclusion do the TRNC police have a commercial fraud department?

Does the central Bank have teeth and investigate the actions of this bank and bank manager

Just a few thoughts away from civil court to criminal and TRNC banking control

elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
26/03/2010 14:10

msg. 16

Denise,

You cannot make your own laws as you go along as it suits you and TRNC is no different from any other country in this respect. A guarantor of a loan is equally responsible as the borrower. The lender does not have to split it up equally, he can prey on either of them as he sees fit. If the guarantor is forced to pay off the debt, he can then go after the borrower and try to recover his losses.

ismet

Tenakoutou



Joined: 27/07/2009
Posts: 4110

Message Posted:
26/03/2010 14:13

This just gets more and more sickening. Probably this scandal is only the 'tip of the iceberg'.



I've known Phil & Mike for 25 years - such upright and decent people don't deserve to be treated like this.



The Akfinans bank have acted unscrupulously and deserve to be closed down - no matter what TRNC laws 'justify' this abominable 'business practice'.



How many times does it have to be reiterated that unless the TRNC government amends the law to protect people against this type of corruption, the economy can only stagnate further.

joandjelly


Joined: 24/02/2008
Posts: 2953

Message Posted:
26/03/2010 14:16

Ismet, to answer some of your questions; the homeowners were not party to the original court case (bank v builder and landowner) despite instructing a lawyer whilst the case was still ongoing. The bank obtained judgement in November 2008 allowing them to auction the property. This judgement also allowed them to continue applying 80% compound interest quarterly. At that time the debt was in the region of £150,000. Pauline Read appealed in the High Court in Nicosia and it was thrown out because she had already sued the builder and won her case for breach of contract. Some of the homeowners commenced a court case in January 2009 to obtain an injunction to prevent an auction and also to get the mortgage moved onto the 3 properties owned by the landowner. The bank really just wants cash and obviously the homeowners are the easiest target. All the lawyers seem to agree and it appears to be a case of waiting to find out how much the bank will ask for.

elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
26/03/2010 14:31

Joandjelly (msg 21),

I hope the lawyer instructed was not one of those "copy and paste" lawyers. In legal terms this issue is a complicated matter and not a job for the youngsters. Quite recently I have seen some of the pleadings prepared by such lawyers and I found them of very poor standard in legal terms. When they discover their mistakes they will run away from a trial and play the postponement game as long as they can and then blame the system and the judges for long delays. I am really sorry for the mess but the buyers have to be vigilant at every step.

ismet

Tenakoutou



Joined: 27/07/2009
Posts: 4110

Message Posted:
26/03/2010 15:05

It will be the WHOLE of the TRNC that will be sorry if the government doesn't soon (read 'now') stamp down on all this sharp practice!

wanderer


Joined: 05/02/2009
Posts: 1653

Message Posted:
26/03/2010 15:15

Ismet

Please read Paulines two comments regarding the bank and how they were "" up it all happened in the comment to the Sibels article

http://www.northcyprusfreepress.com/2010/03/26/who-killed-the-north-cyprus-construction-industry/

joandjelly


Joined: 24/02/2008
Posts: 2953

Message Posted:
26/03/2010 16:08

Ismet (msg 22)

Definitely not a youngster. Perhaps he was too busy with the Orams at the time if you know what I mean.

Jo

cyprusishome


Joined: 31/03/2007
Posts: 2381

Message Posted:
26/03/2010 16:19

How about you all contact the president - http://www.talat-kktc.org/content.php?men=451&submen=0

malsancak


Joined: 23/08/2009
Posts: 2874

Message Posted:
26/03/2010 16:41

I don't think Talat will be President in 3 weeks time and he's busy electioneering at the moment

cyprusishome


Joined: 31/03/2007
Posts: 2381

Message Posted:
26/03/2010 16:48

He, ho, Mr Negativity!!!!!



We know there is an election but these people could be out of their homes in 3 weeks.



There are thousands of hits going on facebook sites where this info is posted, is cyprus 44 going to be the usual set of ostriches.



It takes 1 minute to go to the site and fill in the pro forma even if it is not acted on that is all you have lost from your life.

sweep


Joined: 11/10/2007
Posts: 241

Message Posted:
26/03/2010 19:24

just wrote to the bank and mr talat,

elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
26/03/2010 20:40

msg 24

Wanderer,

The court proceedure is strictly governed with rules. It is not a case of being given a chance to empty your chest so to speak. Every argument should take place in the pleadings and then you proceed to "prove" your case through wittnesses and the documents you submit in evidence. Hence every party to a case is given a chance to present the evidence to the court in accordance with the "rules of evidence". Every argument has to be substantiated with proper evidence and not hearsay. Nobody is given a chance to speak their minds in court as they wish. In other words a trial in court is like a tactical war and you need the best lawyers to be on your side when dealing with new matters not dealt with before.

ismet.

cyprusishome


Joined: 31/03/2007
Posts: 2381

Message Posted:
27/03/2010 07:29

I think I para phrase correctly from the boss of BARO.



The courts dispense justice based on the laws of the land, not on perceived natural justice.



In this and many other cases it is unfortunate that we are being stuffed by immoral builders, banks etc who are using the letter of the law to their advantage.



But this is not peculiar to TRNC, you can pick up any newspaper in any country and you will find the same. It is unfortuante that their is a group of people in TRNC who have been screwed in a very short space of time by a small but significant group of crooks.



We have therefore got to make as much noise as possible with written and physical protesting to ensure these people are clearly identified so others do not fall into the same trap.