Topic: Foreclosures

Two years after the Law Reform Commission sought the views of stakeholders and the public on whether foreclosure practices in Cayman needed to be reformed, it has now submitted a bill for public review.

Amendments to the Registered Lands Law to address concerns over foreclosures in Cayman will be making its way to the Legislative Assembly near year’s end, Attorney General Samuel Bulgin said Thursday.

The number of people losing their homes to foreclosures in the Cayman Islands has reduced significantly over the last few years, according to data from realtors.

The Law Reform Commission is inviting public comment concerning several suggested modifications to the Cayman Islands’ “foreclosure” regime. Although as a rule we advocate for swiftness in government action, this particular subject – which concerns fundamental issues such as home ownership and private property rights – demands careful deliberation.

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.

The number of people losing their homes to foreclosures in the Cayman Islands has almost quadrupled in the last five years.