News Room / Auctions
If a mortgagor is in default towards the bank, mostly because he no longer (or does not timely) pays his amortizations on the loan, the bank is entitled to sell the registered property at a public auction. The registered property serves as security for the bank in the mortgage deed, to recover its claim on the proceeds of same. Usually the mortgagor first receives several reminders before this stage is reached.
The bank requests the notary for the auction. A date is fixed for the auction in mutual consultation, and as stipulated by the law, the relevant parties are informed of the fixed day of the intended auction, by being served a writ. Subsequently the announcement of the auction is published in various papers, whereby there will be at least 30 days between the first announcement and the date of the auction.
