The process is quite complicated. A few pointers:
(1) You cannot avoid the foreclosure proceedings by a clause in the contract stating that no foreclosure will be required in case of default. Foreclosure is a matter of public policy.
(2) The procedure is very formalistic.
(3) It takes approximately 4 months from beginning to end if the debtor does not contest it.
(3) Public auction takes place in Court and bids must be presented through lawyers present at the auction.
