Foreclosure auction 2017-02-14T12:10:21+00:00

Foreclosure auction

The aim of a creditor that starts foreclosure proceedings is to sell the house by auction in order to get back the amount of money you owe him. The real estates are offered on sale after the expert (CTULegal Appraiser) appointed by the Judge sets a starting price. The sales are entrusted to a delegate (associations and/or professionals designated by the Judge) that quarterly or every six months sets the dates for auctions, at his discretion, Unfortunately most of the enforcement actions in real estate are quite unprofitable for the creditor because they can rarely recover the 100% of their credit since the real estate properties are very often sold at a low bid only after several auctions. This situation entails a serious loss for the creditor but even more serious for the debtor subject to attachment because he, besides losing his house, still remains debtor towards the bank (or other creditor) for the amount of the credit that has not been repaid by the proceeds obtained from the auction sale.

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