September 21, 2019

Public comments deadline for Cayman Islands mortgages, foreclosures reform

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The Law Reform Commission would like to remind stakeholders and members of the general public that comments on the Discussion Paper entitled “The Enforcement of Mortgage-type Security Over Real Estate: Is Reform of The Law Necessary? are due by 30 April 2019.

The Discussion Paper was prepared in response to a referral by the Honourable Attorney General requesting that the Law Reform Commission review and consider whether it is necessary to reform the law relating to the enforcement of mortgage-type securities over land and, in particular, over residential properties.

This request followed a heightened level of public comment, and concern, regarding the number of such procedures in the recent past, colloquially referred to as ‘foreclosures’. The dominant theme of the public commentary has been the level of hardship, it is claimed, that has been experienced by the owners of residential properties, who have been affected by these procedures.

The paper may be viewed on the following website: www.lrc.gov.ky or www.gov.ky or a copy may be collected from the Offices of the Commission.

Submissions should be forwarded to the Director of the Law Reform Commission either (a) electronically tojose.griffith@gov.ky or (b) in writing, by post or hand delivered to the LRC office at 4th Floor Government Administration Building, Portfolio of Legal Affairs, 133 Elgin Avenue, George Town, Grand Cayman, P.O. Box 136, Grand Cayman KY1-9000.

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