Foreclosure

If you are in the unfortunate situation of having a foreclosure procedure initiated against you, our advice is to immediately consult a lawyer with experience in such procedures. Our recommendation is such as, during the foreclosure procedure, the terms to object to any procedural irregularities are very short. From the moment you receive the first foreclosure documents, a critical period of 15 days to formulate any objection starts lapsing; losing this term drastically reduces the legal mechanisms to respond (regardless of what some specialists in the online environment might suggest).

Under these circumstances, the initial consultation may prove to be life-saving.

Practice shows a high share of foreclosures undertaken by banking institutions, who often foreclose the mortgaged real estate. This procedure does not differ, in essence, from the procedure initiated by a creditor natural person, for example. Due to the specificity of the credit agreement, due to the way in which banks are accustomed to outsourcing debt recovery services, but also due to a very large volume of such procedures, in practice, we were able to distinguish certain reasons for objections, that we have encountered more frequently. For instance, during foreclosure, procedural errors may occur, as regards:

• the content of the foreclosure petition;
• the content of the conclusion of approval of foreclosure, given by the court;
• the creditor’s representation manner, when appropriate;
• the matter of prescribing the right to ask for foreclosure;
• the matter of the evaluation of the foreclosed property;
• the lawfulness of attachments
• the matter of debt calculation.

As this is a very technical procedure, with legal terms that have a specific significance, difficult to understand for people without legal studies, we recommend consulting a lawyer from the beginning of the procedure (communication of the first foreclosure documents or acknowledging the existence of the attachment).