The foreclosure is the legal seizure of property to perform either a public auction called “auction” or a private sale authorized by the judge.
The foreclosure occurs in almost all cases where the debtor is no longer able to repay its creditors and finds himself in serious debt. The well must be considered in relation to the amount of debts to settle the loans.
We’re talking about serious debt, when an individual in good faith is found in the manifest inability to pay its due debts and non-professional to come. Good to know: it should be noted that the “debt distress” does not necessarily mean that the debtor has filed for indebtedness to the Bank of France.
The foreclosure is on the rights and transferable to the building which is the subject of the seizure. The foreclosure must be done through an “enforcement order” to use an execution. He noted the existence of a debt due and warrants of seizure, to the repayment of amounts due.
The implementation of the foreclosure and the sale of the seized property must be through an accredited is to say a bailiff or attorney agent.
The following sentence should be included on the command input on pain of nullity:
• an indication of the name, occupation and address of the creditor,
• the identification of the security is the basis for the issue of command
• contact the lawyer or bailiff chosen by the creditor name, address and signature
• details of the competent court,
• the notice to pay the debt within a week required (the date of issuance of the letter is mentioned)
• the designation of property will be seized,
• the information that the bailiff will have the opportunity to go to the scene to establish a descriptive record,
• information that the debtor has the opportunity to enter the debt commission.