Hypothecary seizure (foreclosure)

The hypothecary seizure or foreclosure is the process by which the creditor takes possession of the property when it was given as security for a mortgage loan and sells it to repay the debt of the borrower. The creditor may seize your property if you are in default under your deed of hypothec (mortgage).

Before the seizure of your property, the creditor shall give you a 60-day prior notice to allow you address your default, and it shall also register such notice at the registry office.

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