English translation: foreclosure of the mortgaged property
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Romanian to English translations [PRO] Law/Patents - Finance (general)
Romanian term or phrase:urmarirea silita a bunului ipotecat
Pentru aceasta, se prevede ca pina la inceperea urmaririi silite a bunului ipotecat creditorul ipotecar sa dispuna de dreptul de a se adresa unui notar (ca persoana independenta ce exercita atributii de interes public) pentru ca aceasta sa atribuie contractului de ipoteca forta juridica a unui document executoriu.
Vezi si aici:
Typically the creditor (usually called the mortgagee) can seek to be repaid in two ways. He can start a foreclosure proceeding to take title to the property. This is rarely done (in a real estate recession this is a little more common when the debt may be much greater than the property could be sold for to a third party)
The more common way to proceed is to serve a Power of Sale (formally called a Notice of Sale under Mortgage). If 35 clear days have elapsed and the debtor (formally known as the mortgagor) has not put the mortgage back into good standing, a lawsuit will be started for possession and for the covenant (the amount of the debt). If judgment is obtained, the creditor takes possession of the property (unusually through a Sheriff’s eviction) and sells the property. If there is a deficiency on sale the creditor will look to the debtor to pay. If there is a surplus after paying all principle, interest and costs and expenses, the debtor will get the surplus. http://www.thetorontolawyers.ca/mortgage_law.htm
@ tradetrek : nu e aşa.
Uite în Canada:
A IN PERSONAM
B IN REM
There are two remedies for lenders enforcing rights in rem; sale and foreclosure.
By far the most common and perhaps effective method of enforcing rights in rem is by sale through the Court.
This is the “original” method of enforcing mortgages. Lenders can obtain in Foreclosure through the Court an Order (an “Order Absolute”) which has the effect of “foreclosing” or “extinguishing” all rights of the borrower and all parties with interests in the real property the subject of a Charge ranking subsequent to the lender; subsequent chargeholders.
Foreclosure este corect dacă destinaţia traducerii este SUA.
În dreptul anglo-saxon însă (UK, Canada, Australia, etc) iată ce înseamnă foreclosure:
Some legal charges or mortgage deeds will say that a lender has a right to "foreclose". This means they can enter and take over the property if you fail to pay the loan and the property will then belong to them. Even if they sell the property and there is a balance left over it will not be repaid to you. http://www.compactlaw.co.uk/free-legal-information/private-h...
Automatic update in 00:
1 hr confidence:
legal seizure of a mortgaged property
Explanation: Laws allow assets to be seized by creditors and courts for a variety of reasons. The IRS can seize and sell assets to satisfy unpaid taxes. A bankruptcy court typically orders assets sold to raise cash to pay creditors. Bank accounts can be seized or garnished for unpaid child support.