Puerto Rico Foreclosure
Puerto Rico Foreclosure Law requires that a law suit be filed by the lender in case of default by the borrower. The court clerk records the complaint and serves a notice on the borrower so that he can respond within a specified time period. The lender gives the notice to the borrower by regular mail to the party’s last known address and the same is informed to the court. A civil suit is conducted against the borrower for the collection of the delinquencies or mortgage foreclosure. Lender requests the court for motion of judgment against the defaulter. Then court issues order to auction the property mortgaged in lieu of the loans. The highest bidder is awarded the property by the Sheriff and a certificate of sale is issued to the purchaser.
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