Foreclosures usually are based on the execution of the right of mortgage, but also can be based on executorial order or on a court order.
In an auction based on a mortgage, there is always an omission by the debtor towards the bank. Usually, the interest and/or repayments are no longer paid (on time). The bank (mortgage holder) is then authorized to foreclose on the registered property that was given as collateral in the mortgage deed.
When the mortgage holder requests the notary to proceed with foreclosure, an auction date is set in mutual consultation. The auction date is served by the bailiff to the concerned parties. Then, an advertisement with the announcement of the auction is published in various newspapers. The auction is also announced on this website under current auctions.
Up to fourteen days before the auction date, a bid can be made in writing at our office. These bids will be forwarded by us to the bank and the owner of the collateral. When the bank accepts the offer, a purchase agreement will be drawn up and submitted to the court for approval. If the bid is approved by the court, a purchase is established and the foreclosure action is canceled.
If there is no bid received, the auction will take place on the auction date at our office. To receive information about incoming auctions you may register at firstname.lastname@example.org.
If you would like more information about auctions or if you have questions about bids, please feel free to contact our office.