Public Advisory - Understanding Foreclosures (2018-11-14)

Summary

This is a public consumer-education advisory issued by CIMA aimed at residential mortgage holders in the Cayman Islands, not a regulatory instrument directed at licensees. It explains what foreclosure is and offers practical guidance to homeowners on managing financial difficulty.

• Recognising financial difficulty early
• Communicating promptly with their bank
• Budgeting
• Keeping organised records
• Understanding options such as restructuring, refinancing, temporary reduced payments, selling, or renting out the home

The advisory does not create any legal or regulatory obligations for banks or other CIMA-regulated entities; it is informational and directed at the general public/homeowners, encouraging them to engage proactively with their lender and know their mortgage rights. It points readers to CIMA's website FAQ section for further information on foreclosures.