| Subject: | Re: [socialcredit] the reality? -- the true assets of banks (Addendum) | | Date: | Wednesday, November 24, 2004 12:45:05 (+0200) | | From: | Jessop Sutton <sutton @...........za>
|
| In reply to: | Message 312 (written by Joe Thomson) |
On Wednesday 24 Nov 2004 4:05 am, Joe Thomson wrote:
> I think the case in all jursidictions is that a creditor has to initiate an
> action in a Court to obtain an order for foreclosure or repossession
> before title can be transferred.
===========================
That's the situation over here as well. The bank obtains a court order and the
sheriff of the court has to do the eviction. The house is then sold by public
auction after due notification of "sale in execution" puiblished in local
newspapers. As far as I know, for purchasers of low-cost housing where the
possibility of default is higher than banks are prepared to risk, the
government provides some protection to the lending bank, but only in certain
defined circumstances.
Jessop.
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