Our legal council, C. Felipe Danzilo has just sent us the following:
The purpose of this letter is to inform you about the legislation currently in effect regarding foreclosures. In that regard, first some history: Up until January 17, 2006 foreclosures had to be effected by a competent court. For that purpose, when a property was sold on terms, the sales contract included a mortgage and reasons for foreclosure.
Thus, when the reasons for foreclosure came about, the procedure
was the following:
