The creditor, on the basis of an effective record of mortgage sales, and after expiry of 30 days from the date of issuance of the decision, may in their own name sell immovable property by direct negotiation, at a cost which approximates market.
According to fairchoicemortgage below the market price, the common price can be achieved by selling the immovable property in good faith at the time of mortgage sales.
The creditor can sell the immovable property alone or with the involvement of a lawyer or agency for marketing real estate.
If the sales are made through a lawyer or agency for marketing immovable property, the normal fee or commission can be included in the sales price.
Not later than 15 days before the contract of sale of immovable property, the creditor will be notified of the sale of the debtor, the owner of real estate and other persons who have the right to immovable property, a notice containing the following:
- The entire amount of the claim;
- The estimated value of real estate;
- Essential elements of a contract of sale of real estate;
- The manner in which they proceed the sale allocated;
- The date on which immovable property must be expelled and discharged;
- Statement in which period cannot be met whole obligation, to avoid selling real estate.
Settling when the subject of mortgage facility is under construction
If the subject of a mortgage facility is under construction, its sales for the settlement is carried out by ceding right of construction established legally binding building permit for a fee, and selling things that are built into the building under construction.
The authority which issued the approval for the construction, at the request of the customer facility in construction shall issue without delay, an identical building permit with their name and annul the old building permit.
The distribution of funds obtained by selling out of court
The creditor shall, within seven days from the billing selling price of real estate, settle in the following order:
Selling expenses, including the costs and fees of third parties;
A claim to the mortgage lender;
A claim to the mortgage lender or other lower order with the same order of creditor security;
The remaining amount belonging to the debtor.
The creditor shall, within seven days after the allocation of resources, the debtor and any third parties who have rights on real estate, furnish a final statement of allocation of funds.
Termination of the mortgage
A mortgage terminates from the register of real estate in which it was registered, in accordance with the law.
Terminating mortgage is performed at the request of the debtor, the owner or creditor, if a secured claim ceases as permitted by law.
Terminating mortgage on request of the owner
Terminating mortgages at the request of the owner, shall be made only if the debt is paid in full.
The request should include:
A written statement by the mortgage lender that he/ she agrees to terminate the mortgage; or
Final court decision establishing that the claim or the mortgage was paid.
The creditor is obliged to allow the cancellation of the mortgage if his/ her claim is fully paid.
The creditor is obliged to issue to the debtor and the owner of the mortgaged real estate a certificate of paid debt without delay after the settlement of the debt, and with that they conduct a cancellation of the mortgage.