If a mortgagor defaults, the Mortgagee can initiate foreclosure and a public auction sale through the DLD. The debtor must first be served a thirty-day notice through a Notary Public. If the debt remains unpaid, the execution judge issues an attachm…
If a mortgagor defaults, the Mortgagee can initiate foreclosure and a public auction sale through the DLD. The debtor must first be served a thirty-day notice through a Notary Public. If the debt remains unpaid, the execution judge issues an attachment order for the property. However, the judge has the discretion to postpone the sale for up to sixty days if it is proven the debtor can repay the debt or will suffer gross damage.
This is general information from the website library. Confirm current rules, fees and property details with the relevant authority before acting.
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