5 replies to this topic

[iris etta]

what is the foreclosure procedure in Costa Rica? I have sold a property receiving over half the selling price with the remainder to be paid in installments over the next year. A reputable lawyer has handled this but just in case, I would like to have information on how a foreclosure in handled.

Thanks

[Ruffriders]

Sounds like a question that your lawyer should answer, if you have already paid one just go to the source

[costaricafinca]

If the person is residing in the said property, it is said to be very difficult to get them out.
Definitely, this should have been looked into before you offered the financing.

[Casey]

I agree with costaricafinca, it is not a cut and dried process like in the states (if you aren't using robo-signers that is!). Just about anything you do through the courts can take a couple of years or more. Why didn't you ask this question before you took the paper? I'm curious, too, how much interest are you charging? Anything less than 3% per month would have been a bargain for any Tico buyer. They could do better at a bank, maybe, but if they could get a bank loan then why come to you for the loan?

[Savannahjo]

Seems odd that you would not go back to that lawyer for what the solution may be....

[Danielle2012]

Have you managed to solve this yet? Please inform us, we would also like to know what the process entails.