Let’s find out what the Italian law says about the seizure of the first home, when it is triggered and the general timing of the provision.
The laws in force in Italy provide for certain provisions regarding the foreclosure of a housealso for the foreclosure of the first home. First of all, it must be clarified that foreclosing on a property where you live, and which is therefore considered your primary residence, is not a simple undertaking, because the principle of so-called non-seizeability.
If the dwelling is a registered place of residence and is registered as a civil dwelling, therefore not falling within the luxury dwellings, or not falling within the category A9 properties, therefore villas and castles, it is difficult to seize. However, in certain cases, the rule is not always valid, and therefore even the first home can be taken away from the owner and put back up for sale. When does this happen?
When and how the foreclosure of the first house is triggered: the rules in force in Italy
If the tax authorities can hardly seize a home where the owner resides, this does not apply to other creditors, such as banks, finance or credit companies. Failure to pay the mortgage or fail to settle a debt, therefore, can lead to when initiating legal action on movable and immovable property. In which cases is the foreclosure of the house cancelled.
With foreclosure, the house is taken away and then sold at auction, at a good price. When the house is taken away, of course the owner must abandon the homebut how does the whole process work? Foreclosure is a forced expropriationsuitable for resale to meet the balance of a credit or debt.
This legal action is triggered if the owner of the property is unable to pay a loan, a mortgage, a financing, or if he has debts with the Revenue Agency. Therefore, if the person is in default and is unable to pay, the seizure is triggered, even if the amount to be paid is minimal. Property foreclosure: can I continue to live there?.
When is the first home seized: let’s see all the cases
As mentioned, the first home is always subject to seizure, except in some cases. Only a creditor in possession of an executive title can initiate the forced execution procedure, therefore a bank, a finance company, a private creditor, the Revenue Agency, and also a spouse entitled to alimony but for sums that were not paid to him.
In exceptional cases, however, the first house cannot be seized if it is the owner’s only property, if the subject has his registered residence there, if the property is not considered a luxury asset and if the property is for residential use. Then, we are talking about a single home, and not a first homeand therefore the seizure is triggered. Tari, woe betide those who do not pay it: there could be seizure of assets.
However, seizure also occurs in other cases. For example, if the debt with the tax authorities is greater than 120 thousand eurosif the total value of the subject’s properties is greater than 120 thousand euros, and if the Revenue Agency has registered a mortgage on the property but more than six months have passed without paying the payment. How to block a seizure: the Revenue Agency explains it.
When we talk about the unseizability of the first home and what is the difference with the mortgage on the property
Unseizability can be transformed into seizure by the Revenue Agency, in particular cases, or register a mortgage on the property. These are two different actions: if seizure is forced execution which will lead to the property being sold at auction, the mortgage is a form of guarantee which the creditor can exploit to have a right of pre-emption on the property.
But how does the seizure work and what are the steps that it must follow? This action is triggered when there is a state of insolvency. The procedure is started after 180 days from the expiry of an unpaid debt, in this period of time we speak of delayed payment. Foreclosure for condominium debts: what to know and how to avoid them.
At this point, after 180 days it comes sent a registered letter to the debtor, in which you are informed of the start of the procedures and the possibility of payment in installments. If the first payment is not initiated within one week, the creditor initiates the formal notice.
It’s about a request for payment within ten daysafter which the foreclosure of the property is triggered. If the house is co-owned, the judge will have to analyze the characteristics of the house, in order to carry out division work. If the house cannot be divided, it is sold and the 50% of the proceeds are given to the co-holder. First Home Foreclosure for Debt: When It Is Legally Triggered.
