The mortgage is a real warranty, which has the main purpose the guaranteeing of the debtor’s obligations towards a certain creditor, through an immobile located in his patrimony. The mortgage is established by law and has an executional character, the object of the mortgage being sold at a public auction, through direct sale or through other means that are allowed by law, when the mortgage produces its legal consequences.

The sale procedure:

  • If the debtor does not pay the amount of money convened of in 15 days’ time from receiving the legal notice, the legal procedures of execution and sale can be initialized.
  • The executor will publish the sale of the immobile in 5 days’ time from the establishing of the price. Any person that wants to take part at the sale, has the obligation to pay 10% of the value established by the legal evaluation of the immobile.
  • The official date of the auction will be established between 30 and 60 days from the publishing of the sale announcement.