Follow through mortgage liquidation

Under today conditions the relationships between creditor and debtor may come to a standstilpending on the problems caused by unpaid loans. For this reason creditors want assurance to ensure their receivables. In the practice mortgage appears as a widely used tool for the solution of this problem. Mortgage which is a kind of as a kind of pledged real estate is a right in rem that established to save the rights of creditors by selling the real estate of debtors by means of executive proceeding. Assurance is personal right since it is defined on to specific real estate to provide a guarantee for the creditors. From the other point of view it can be defined as the absolute right that can be used against all others. The creditor who cannot collect his credit in time wants to sell out real estates of debtors against sb. The creditors can not sell the real estates by themselves. Moreover, the contract signed between the creditor and debtor, which transfer the ownership of the real estates to the creditor, does not valid. The creditor applies to the enforcement office for the sale of real estates. Then, the existence of real property is checked and official procedure required for the sale is started. If the credit does not exist then the request is rejected. Payment order is sent to debtor by enforcement office in order to collect the credit. In the law of bankruptcy it is defined that whether enforcement order or payment order should be sent. Enforcement proceeding is become definite if the debtor does not make an objection to the order. After the definition of enforcement proceeding, the sale procedure is started by the enforcement office. Commentary about the sale process is added to land registry. Assessment is performed after the collection of zoning status information of the real estate. The result of assessment is notified to both sides of creditors and the debtors. If the mortgage is also owned by the third parties then the third parties are included to prosecution and assessment result is also sent to them. Objection can be made to the enforcement office if the sides believe that assessment value is low of high. However, the decision given by execution court is definite and con not be appealed. During execution proceeding the assessment of real estate is finalized if no objection was made. After that the preparation of sale procedure is started by the enforcement office. This preparation procedure is obligatory. Enforcement office prepares an announcement and the place and the time of first and second auctions, the all properties of real estate and the details defined in the bankruptcy law should be declared in this announcement. The sale is started by the first auction. According to new regulation, offers can be given electronically. Second auction can be performed if the sale is not completed in the first one. Sale becomes definite if no objection is made. However, action for annulment can be done against execution court depending on the some reasons. At the end of sale procedure the value is shared. The portioning of the money is performed by following the approximation which applied during sequestration procedure. The creditor takes his money after prior credits and charges are excluded. Right of retention is given to creditor by the enforcement office if the creditor cannot collect the all of his money. Then the creditor can start official prosecution against the private estates of debtor by using this certificate.