Home Topics Foreclosure
Public comments are due by April 30 on a discussion paper released last year about whether the laws governing the enforcement of mortgage-securities over land should be reformed.
From a $1.4 million South Sound mansion to four two-bed condos that sold for $95,000 each, real estate statistics show 73 foreclosure properties were purchased in 2017.
Amid public concern over rising foreclosure rates in the Cayman Islands, a judge has cautioned home owners to understand they risk losing their property if they fall behind on mortgage repayments.
More than 100 foreclosed properties were sold in the Cayman Islands in 2016, the second year in succession that forced sales have reached three figures. The statistics for 2016 reflect a marginal drop on 2015, though both years saw far higher numbers of foreclosure sales than at any time in recent memory.
A kind-hearted businessman has donated more than $20,000 to pay a year’s worth of rent for retired post office worker Emily Seymour, who lost her home to foreclosure.
Emily Seymour, 67, surveys the scene from the front porch of the home she has owned for 30 years.