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Owner of a mortgaged property: what are your rights and obligations?
You have a mortgage on your property and you don't know what you can do with it. This security does not dispossess you, but it does impose specific obligations on you towards your creditor. Here's what you can do, what you can't do, and how to protect yourself if you have acquired a property that is already mortgaged.
Unpaid mortgage: the creditor's rights (preferential and resale rights)
Your debtor does not pay and his property is mortgaged to you: you have two distinct legal weapons at your disposal to recover your debt. The preferential right gives you priority payment of the sale price, while the resale right allows you to pursue the property even if it has changed hands. These are powerful prerogatives - provided that the mortgage has been duly registered.
The revolution in property security: disappearance of special liens and reform of mortgages
Since 1 January 2022, property security interests have been radically overhauled by the Order of 15 September 2021: special property liens have disappeared, and the rules applicable to mortgages have been simplified. In practical terms, this reform changes the guarantees available to creditors and the obligations of property owners.
Methods of executionThe system of maritime mortgages
You are financing the acquisition or construction of a ship and are looking for security adapted to the value of this atypical movable asset. A maritime mortgage charges the vessel without dispossession and gives the creditor a preferential right to the sale price in the event of default. The legal system, formalities involved in setting up a mortgage and how it can be enforced: the full rundown.
MortgageCan you sell a mortgaged house?
Your property is encumbered by a mortgage and you wish to sell it: the transaction is possible, but the mortgagee follows the property through all the hands. Ignoring the right of resale or the preferential right can block the sale or expose you to seizure. Here's how to secure the transaction.
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