Features foreclosure on real estate (except for land)

The article deals with novel legislation introduced in 2009 and the related issues of foreclosure on real estate out of court. The author focuses on key developments relating to the procedure for concluding an agreement on non-judicial foreclosure, the possibility of redemption by the pledgee, as well as legislative consolidation of established case law on determining the proportionality of the mortgagees claims against the debtor to the value of the mortgaged property. Concludes that the introduction of a new order out of court foreclosure caused greater efficiency of this procedure.