Philenews

AKEL Pushes for Foreclosure Resolution Before Parliament Dissolution

Published February 9, 2026, 12:26
AKEL Pushes for Foreclosure Resolution Before Parliament Dissolution

AKEL is urging for the immediate discussion and approval of legislation protecting borrowers from illegal charges and abusive bank clauses, aiming to resolve the issue before the Parliament dissolution in April. AKEL’s bill, supported by the Greens, seeks to restore the right to appeal to the courts and suspend foreclosures on primary residences. However, other parties have expressed the need to discuss their own proposals alongside AKEL's. Alongside this, DISY has submitted an alternative bill to protect guarantors, supported by DIPA, EDEK, and independent MPs. This proposal suggests a trade-off for not approving other foreclosure regulations, such as taxing banks. The Finance Committee has not yet scheduled a discussion for the proposals, creating uncertainty about the timely resolution of the issue. The differing approaches of the parties and the existence of multiple proposals make the situation complex. The delay in discussing and passing legislation causes concern among borrowers, as the dissolution of Parliament will postpone the discussion until the next elections, exacerbating uncertainty and the risk of foreclosure on their homes.