When a person has a property in judicial auction , he is in an extreme situation and it may seem that he has no solution to be able to paralyze this auction process, or, to be able to get out of this situation avoiding losing his property . The person has totally lost control over the property, not being able to cope with the debts, arriving without being able to avoid it to a public auction procedure.
Traditional banking is not agile or fast enough to be able to provide a feasible and practical solution to the needs of people who are in such delicate situations.
TQ has extensive experience in ending executive proceedings , putting our versatility, flexibility and professionalism to use. We could summarize in four ways the mechanisms that we use the most to achieve our goal of stopping an auction .
Our purpose is and will always be, that our client regains control of the property by unlocking an undesirable situation.
What options do we use to stop an auction?
TQ is a company with a long history and experience in this field, since it has been in the sector for many years and has worked for a wide variety of clients, raising very different cases to each of them. Likewise, TQ took on a special significance in this sector as a result of the legislative change that occurred in 2015 with the implementation of the electronic auction.
With the years and the experience acquired, we can affirm that there are 4 mechanisms that we use the most to resolve auction situations .
Below we briefly explain the four possible solutions to paralyze an auction , being the most used forms that provide greater benefits to our customers.
Stop an auction by canceling the credit; with or without removal
The owner of a property, either a natural person or a legal entity, suffers a complicated personal / commercial situation that results in a breach of their duties with the creditor of the mortgage loan, be it a bank or private equity entity. The entity, as a result of this situation of default, gives up the mortgage loan and proceeds to its judicial claim. The property cannot cope with the debt claim and this triggers a public auction procedure for the estate.
When the client contacts us because he has the farm up for auction, we quickly analyze his case and give him a response within 24 hours .
TQ negotiates directly with its creditor, the one who is claiming the payment of the debt in court, reaching an agreement on the price to immediately cancel the debt incurred by our client.
During this negotiation, our legal and financial department will support, advise and inform you throughout the process.
When we make this option to stop an auction , we will try at all times to reduce the total amount of the debt claimed to achieve the greatest benefit for our client.
TQ, in order for you to get the financing you need to cancel the debt that has originated an auction procedure, will use the same property that is being auctioned as a mortgage guarantee . Likewise, our client will never lose his ownership status.
What benefits does the customer get?
- Considerable reduction of the debt claimed from the creditor.
- Save time to find a solution to a complicated situation.
- Advice from our professional team to definitively resolve the difficult situation that is being experienced.
Stop an auction with a credit cancellation and subrogation
It is an operation similar to the previous one, but in this case the auction is canceled by subrogating the mortgage with the creditor who claims the payment of the debt contracted.
The property of your property is put up for auction at the request of a creditor who claims the debt in court. We, we get in touch with the creditor that is executing you and we reach an agreement to cancel your credit for a price, subrogating ourselves to the position of the creditor, that is, putting ourselves in their place while maintaining the mortgage range.
In this case, the debt is not completely canceled, but the debt is contracted with us; We put ourselves in the same debt position so we can cancel the foreclosure proceeding and stop the auction .
We pay your debt and put ourselves in the position of your creditor, giving rise to a new relationship between debtor-creditor, with greater flexibility , and that helps you to resolve any complicated situation that may arise. In this way, our client does not lose ownership of the farm object of the auction.
What benefits does the customer get?
The client regains time to face paying the outstanding debt or to sell the property. In short, to find a solution to amend the situation suffered.
Stop an auction by making an auction sale
We address this option when the auction has already been held but the award decree has not yet been issued.
This solution arises in cases in which the debtor has somehow found a way to deposit 5% of the consignment to participate in the auction. Likewise, he has made a bid in the auction and has turned out to be the highest bidder and, therefore, the winner of the property.
In this case, the successful bidder is legally summoned so that in the period of between 20 and 40 days, depending on the percentage bid, proceed with the payment in court of the amount bid by deducting 5% of the consignment already delivered. In this situation, it should be noted that it is practically impossible to get traditional bank financing due to the way they work.
If you are in this situation, we can finance you with sufficient agility and speed to be able to comply with the times given by the court to record the entire position made.
The auction transfer procedure is very simple, you just have to carry out these steps:
- Bid in the auction and turn out to be the winner, that is, the highest bidder.
- Contact us so that we can start the financing process as quickly as possible.
- Appear in court represented by a solicitor, communicating that the payment will be made by a third party , and that this third party will be Dark Keep BCN SL In this step, as in all steps, we will advise and provide you, if you wish, with a trusted solicitor to carry out such management on their behalf.
- The natural or legal person who makes the payment in court, the auctioneer, becomes the winner of the property and there is a change of ownership . This will become the property of Dark Keep. This change of ownership has always been previously agreed with our client, to whom we have given all the facilities to regain ownership of the property or any benefit before losing it without obtaining anything in return.
What benefits does the customer have?
- The client will have the possibility to buy back his farm .
- We help you obtain financing .
- If the possibility of repurchase is not possible, then we propose to put the property up for sale through our real estate department and obtain part of the benefits . The profits from the sale of the property would be used to settle the money we have lent you in order to be able to deposit the entire amount bid with the court and, once this is done, the profits will be shared between you and TQ Eurocredit.
Freeze an auction by placing a bid
This circumstance occurs when the creditor is not willing to negotiate with us the cancellation of the credit or has very high expectations regarding the recovery.
In this case, we can bid on the auction with your name. We participate in the auction on your behalf, prior agreement between us, to recover the property and we bid for the agreed amount.
If we turn out to be the highest bidder, the court will proceed to decree that we are the winner of the farm and thus, later, we would agree with our client what are the possibilities that may arise; a repurchase of the farm or the possibility of putting the farm up for sale and making a profit on the loss it has suffered.
What benefits does the customer have?
- Sometimes it is the only way to regain ownership.
- Possibility of making a profit from the sale.
Benefits of stopping a judicial auction at Dark Keep
As we have said before, we have experience in paralyzing judicial auctions . We help you stop the auction and regain control of your property.
Mainly, we work with these objectives and advantages:
- We give free legal advice .
- We maintain control of the property.
- We find time to calmly sell the property and make a profit, if that is the goal.
- We update the arrears and refinance the current mortgage loan if necessary.