A foreclosure can be made following a formal notice or any request for payment. A creditor with an enforceable title may allow the foreclosure of real estate to take place. All of the debtor’s real estate can be seized in order to obtain payment of the amount due.
- The bailiff sends an order to pay to the debtor, including in his details an obligation to pay within eight days.
- This command to pay makes it impossible for the owner to sell his property, donate their property or even collect rent. Thus, the meaning of this command to pay is equivalent to seizing the good.
- After the expiry of the period, a report describing the seized property is drawn up following a visit by the bailiff, in the presence or absence of the owner.
- Within two months of being served, the order to pay is issued to the mortgage office.
- This publication allows the creditor, within 2 months following it, to summon the debtor to appear before the court judge during an orientation hearing which will render a decision, determining whether it will be an amicable or forced sale.
- The amicable sale can be carried out at the request of the debtor in the event of authorisation issued by the judge. The hearing date will be set within a maximum of four months.
- In the presence of proof of a sales agreement, a period of three months may be granted in order to conclude the authentic deed of sale of the seized property.
- The amicable sale is final after the determination by the judge of the fixed conditions.
AUCTION/ FORCED SALE:
- The date of the adjudication hearing will be set within 2 to 4 months by the judge. During this period, the forced sale will be advertised at the debtor’s expense. The fixing of the price of the seized property is established by the judge.
- The property subject to a forced sale can be visited by potential buyers..
- The auction must be brought by a lawyer during the adjudication hearing. An overbid of a minimum of 10% of the main sale price is possible, again through a lawyer, within 10 days of this hearing.
SALE OF THE PROPERTY:
- The sum obtained following the sale of the property by auction or by amicable sale, will make it possible to reimburse the debtor’s creditor(s). The amount collected is not attributed to the owner of the property but will be kept pending transmission to the creditor.
- In the event of a higher value obtained by this sale, the debtor will retain the capital gain after repayment of all the amounts due, or, in the event of a lower value, will remain debtor of his creditor for the remaining amount.