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TERMS AND DEFINITIONS

NOTICE
Any exercise of a mortgage right, whether it is for movable or immovable property, must be preceded by a prior notice to the debtor informing them that a recourse provided for by law is to be used against them

60-Day Notice
A “60–day notice” or “notice of a mortgage right” is a formal notice, as defined in the Civil Code, by which a mortgage creditor reports a breach of the loan agreement to his debtor.

DEFAULT PAYMENT
Default payment allows the creditor to take the mortgaged property in full payment of the debt. The creditor then takes the property without the mortgages published after his own.

The default payment is carried out within a well – defined legal framework. Thus, when half or more of the obligation secured by the mortgage has already been repaid, the creditor must obtain court authorization before exercising the taking in payment.

SALE UNDER COURT SUPERVISION
Sale under court supervision is the sale of movable or immovable property that results from a ruling is sued after a legal claim has been made by a hypothecary creditor holding rights on the property. The sale is said to be “under court supervision” since it is the court that determines the conditions and appoints a bailiff from our office to proceed with the sale.

SALES FOR TAXES
What we commonly call the sale for taxes is a tool provided to municipalities by the Municipal Code and the Cities and Towns Act to recover outstanding municipal taxes .