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Investment Property Caribbean
Foreclosure
Written By Martin Lukac
Foreclosure under a mortgage requires a court ordered sale conducted by the sheriff or other court-appointed official. Foreclosure process is called judicial foreclosure. In the event of default, the mortgage accelerates the due date of the dead to the present and notifies the defaulted debtor to pay off the entire outstanding balance at once. If the debtor fails to do so, the mortgage initiates a lawsuit, called a foreclosure action, in the county where the land is located. The purpose of his legal proceedings to a charge toward the county sheriff to seize and sell the property. The judge’s order is called an order of execution. Acting under the order authentication, the sheriff notifies the public of the place and date of the sale. T...
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