In brief
We regularly receive questions about foreclosure by the bank due to a mortgage debt on which arrears have arisen. If the bank wishes to exercise its powers of enforcement, it is important to call in expert help quickly. As attachment and execution specialists, we know the options available to arrange cancellation or postponement of execution for you.
In detail…
We regularly receive questions about foreclosure by the bank due to a mortgage debt on which arrears have arisen. If the bank wishes to exercise its powers of enforcement, it is important to call in expert help quickly. As attachment and execution specialists, we know the options available to arrange cancellation or postponement of execution for you. However, you should realize that other creditors can also play a role in foreclosure and we will make an inventory of this for you.
Ready foreclosure by mortgage bank
If a mortgage borrower is legally in default in paying the mortgage payments on time, the first mortgage lender (often the mortgage bank) has the authority to publicly declare the immovable property (the house and the land) related to the mortgage provided in front of the notary.
This is also legally referred to as the right of ready execution. Legal default means that the borrower has ceased to pay after prior notice of default (a written reminder) by the mortgage lender and subsequently fails to pay the outstanding payment obligations. The mortgage lender does not need an enforceable title for this, which normally has to be obtained through a separate court procedure.
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