At Sundgaard, we have extensive experience with all aspects of insolvency, bankruptcy and financial distress. We are qualified to help you or your business manage any financial challenges.
When you, as a creditor, have a mortgage or lean on real estate and the payments are being made, you have the option to request foreclosures.
Foreclosure is initiated by submitting a request to the bailiff’s court, which will then call for a hearing. Here, the detailed procedure for the proceeding is determined, including public announcements and scheduling. The applicant is responsible for all the work of preparing the proceeding, announcements, showings, etc. Here you should assume the assistance of an attorney.
Once sold the proceeds will be divided amongst relevant parties according the priority of liens and securities.
At Sundgaard, we offer advice and help regarding foreclosures. We assist both mortgagors and lienholders in requesting the proceeding, both in connection with bankruptcy or as a creditor’s representative.
As a buyer at a foreclosure, you can often make a good deal, because prices at foreclosure are typically quite a bit lower than otherwise. This is often due to people refraining from bidding at foreclosures, as it requires knowledge of the rules and conditions that apply to foreclosures. When buying at foreclosures there is a limited opportunity to inspect the property, and the information about the property is typically limited.
To bid at a foreclosure, you usually have to provide a cash security for the costs of a new auction. Shortly after you must put up a significantly larger security. However, you are exempt from providing security if you are represented by an attorney, if the attorney vouches for the fulfillment of the bid.
We advise in all aspect to foreclosures – however, please contact us in good time before the bidding starts.