Foreclosure is a legal process that creditors use to satisfy your financial obligations to them. Not paying a debt, like a mortgage or second mortgage, can trigger a foreclosure.
Yes. Technically, after missing one mortgage payment, you have breached your agreement with the bank. While, most banks do not usually start foreclosure proceedings after only one missed payment, you should be aware that you will incur added costs that could make it hard to catch up and can spiral out of control.
Your bank can help you understand the specific options available to you, which could include a short-term solution to help you get back on your feet or a long-term solution to modify the terms of your mortgage. You may also wish to consult with a credit counsellor to help identify and consider all viable options.
Depending on the market you may be able to sell your home for a price that allows you to pay your debt in full. In a “short sale” scenario you may be liable for any shortfall and may need to negotiate with your bank to get a new loan to cover this liability.
Yes, if the property is sold for more than what you owe the bank.
Your bank will likely require you to pay the difference between what your foreclosed home sold for and what you owe on it. This amount is sometimes referred to as a “deficiency”. That's why it's important to begin working with your bank before the property reaches foreclosure. By doing so, you may have other options available to you, which may be able to help you avoid foreclosure and resolve/settle your mortgage delinquency.
The Registered Land Law (2004 Revision), specifically Division 3, deals exclusively with legal charges.
CIMA regulates all banks licensed in the Cayman Islands to ensure compliance with the regulatory laws and requirements, safeguarding the interest of all stakeholders. CIMA monitors the foreclosure process of all banks to ensure that the processes are in line with industry best practice. However, CIMA cannot, under normal circumstances, stop a residential property from being foreclosed if the bank has adhered to appropriate foreclosure processes. CIMA again advises individuals to understand the foreclosure process and the take heed of the steps identified within the Public Advisory.
The sectors which CIMA regulates are banking services, insurance, trust, securities, investment, cooperative and building societies, corporate services, and money services business.
CIMA is the primary regulator for the Cayman Islands financial services industry.
Refer to Banking Services Statistics.
Refer to the Insurance Statistics.
Refer to the Trust Companies Statistics.
Refer to the Investment Funds Statistics.
Refer to the Money Services Statistics.
Refer to the Cooperative and Building Societies Statistics.
Refer to the Corporate Services Statistics.
Refer to the Securities Statistics.
Yes. CIMA’s Currency Division is responsible for issuing and redeeming Cayman Islands currency.
The Cayman Islands is recognised as the second largest domicile for captive insurance companies.
The Cayman Islands is the number one domicile of choice within the hedge funds industry.
The Cayman Islands is number one in healthcare captives.