Because of the foreclosure real estate risks losing the property that you have carefully chosen and purchased with your wife?
Maybe you were thinking about your children’s future and you had made a nice apartment for them, and now you’re at risk?
Everything seemed to be going right until you realized that your expenses and debts were higher than your income and you may have stopped paying installments. This is the typical situation of those who, in times of crisis like those of our nation, unfortunately do not manage to honor their financial commitments such as mortgage or other loans, with consequent notification of real estate foreclosure.
Are you in a situation like this or similar? Tell us about our blog, one of our consultants will be ready to advise you. Speaking of Property Foreclosure it is essential to know:
Real Estate Foreclosure Guide: Let’s Discover What is it?
Let’s start by understanding what real estate foreclosure is, for sure it is a complex and expensive process not in favor of the debtor.
This procedure is put in place when a bank, a financial company or a private individual who has made you credit does not see your money repaid, and after a certain period of time decides to take legal action. One of the most delicate aspects of this process is to ascertain whether there are real estate properties in the name of the debtor, these verifications must be made by the creditor and by the lawyer who follows the practice, not by the judge.
After checking the properties, the creditor will ask the court to notify the debtor of the attachment, that is the expropriation of the property with subsequent registration of the property in the real estate registers.
But how do you get to the real estate foreclosure?
Real Estate Foreclosure: Iter?
For the lender, the only important thing is to see your debt owed to him, and sad to say he will use all the weapons and legal tools to achieve his purpose.
Let’s analyze how we get to the dreaded real estate foreclosure . There are usually three phases:
- The injunctive de jure : sentence of the judge that establishes the sum that the debtor must pay, sentence with which the creditor will be able to demand the precept and then the distraint.
- The precept : notification by which the creditor jointly with the injunction order intimate to the debtor to settle the debt within 10 days.
- Foreclosure : after 10 days from the precept, the attachment is transferred to a foreclosure, a legal act by a bailiff, which orders the debtor not to subtract goods subject to expropriation by sale or donation.
With the foreclosure of the property you are no longer the owner of that property.
If you are in one of the phases before the attachment and you are looking for a solution write on our blog tell us your situation an expert consultant will be ready to give you all the appropriate advice.
But if you have a foreclosure in progress, but you have plans for your future and you need liquidity, you can be successful in this.
The procedure provided for by Law No. 3 of 27 January 2012 , also known as the Save Suicides Act, on over-indebtedness could be an option for you, read our article: Over Indebtedness What is it? The solution!
Request to be contacted free by one of our consultants by entering your phone number in the appropriate application form , we will process a quote for you.
Real Estate Foreclosure: The First Home
Perhaps you realize that you too risk seeing you deliver a foreclosure notification for unpaid debts, but are you aware that your only property is the apartment where you live? Perhaps you are wondering: can my first house be foreclosed?
The latest news of 2018 say that the property can not be attached in the following cases:
- The first house building and its appurtenances are not distrable.
- If it is the sole property of the debtor.
- Yes, and the property is not a dwelling that falls into the luxury categories .
The collection agency will provide for the attachment of the property if it does not have the characteristics listed above when these conditions occur:
- The debt is more than 120,000 euros
- Six months have passed since the registration of the mortgage and the debtor has not paid
Of course if you were afraid of seeing your first home expropriated after perhaps the many sacrifices you made to get it, the news you read just heartened you.
What if you want to get up again you want to start living again, but having so many unpaid installments nobody makes you more credit?