What You Should Know About Foreclosure Proceedings

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Foreclosure is a process whereby an executive order is implemented on the sale of a property encumbered by a mortgage debtor for breach of obligations.

Foreclosure procedures are regulated by law, and typically have to meet a series of steps which maximize publicity and transparency of property auction, in order to get the fairest price possible under the circumstances for the owner.

Execution is a concept which implements a sentence or unless a particular right is identified. This often signifies a forced sale of property to which the law relates, followed by the story proceeds.

Once the property is sold the funds realized are advanced to the creditors, the remaining money from the sale of the property is returned to the owner of the property (which need not always coincide with the debt). In addition, procedures are more streamlined than the ordinary.

The only aspects that are examined in a foreclosure is whether the mortgage debt was unpaid, regardless of the reason why the debt was unpaid. The reason is to give greater legal certainty to the creditor for the recovery of its debt, thereby enhancing the procedure.

Usually a runtime enforcement is needed to proceed with foreclosure procedures. This is usually an order obtained from a court which is enforceable, or where no further appeal is possible. If the other party does not comply with the verdict, the plaintiff can issue a mandatory order to make the sentence enforceable.

Sometimes it is possible to execute without a ruling by a judge. This applies to certain categories of creditors, who claim certain rights on the case (summary execution). Examples include: tax assets, claims based on a pledge or mortgage and property deed, which are all enforceable titles.

Not every execution leads to a forced sale in which the creditor’s claim gets paid from the proceeds. The executive processes should primarily distinguish the repossession, which is met by a claim of the creditor concerning a sum of money. In which the good or credit is transferred to the creditor through judicial intervention.

The execution in a specific form, concerns the delivery or release of movable or immovable property or implementation of a given obligation.

The first act of expropriation is the forced seizure as an act by which the creditor, through the bailiff, gives a lien on the debtor’s assets. And then proceed with the forced sale or assignment of assets seized followed by the distribution of the sum obtained in favor of the creditor or creditors involved.

 

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