Housing and Real Estate

What if there are no bidders at the auction of your home?

In the extrajudicial foreclosure, if left empty auctions held and the Bank did not exercise the right of property awarded executed, the Notary will terminate execution. The house would still be you The Bank may resort to the courts if desired. The mortgage still subsisting.

In judicial foreclosure, the Bank may request the award of goods equal to or greater than 50 percent of its appraised value or the amount owed ??for all items. And if you do not within twenty days the Secretary shall terminate judicial execution. The property will remain theirs, but the mortgage still subsisting. The Bank may re-order a new auction. (more…)

How you can get to finish the auction of my home?

This is an essential aspect. The law sets a minimum you should know.

In the case of extrajudicial execution, ie, by a notary, the price for your home will be auctioned for the first time appears on the deed to your mortgage. This is called the type of auction. If the first day no one is willing to pay 100% of that price, and the Bank is not housing, the notary will convene a second auction in which will be offered 75% of it. If no one offers, and no bank gets the house for that price, the notary shall indicate date and time for a third auction in which you can offer any price.

In the case of foreclosure, there is only one auction. Be aware that the value at which the well up for auction may not be as kind to the auction must subtract the amount of all charges before the mortgage is executed. For example, a previous mortgage, if the running is a second mortgage. Obviously, if no previous cargoes for which the value will be auctioned will be equal to the rate for the auction consists in writing. The law states that approval of the auction for the bid exceeds 70% of the auction. (more…)