How do foreclosure auctions work in Puerto Rico?

The lender sues to foreclose. If the home is the owner's main residence, the court first sends the case to mediation, and no sale can happen until it is done. When the court rules for the lender and the ruling is final, the lender asks for the sale and the court orders it.

The court's marshal then announces the sale. The notice is printed twice in a newspaper, at least 7 days apart, and posted for two weeks in public places of the town. The first auction can be held 14 days after the first printing.

• At the 1ra subasta the minimum is the price the owner and the lender agreed in the mortgage deed.
• At the 2da subasta it is two thirds of that price.
• At the 3ra subasta it is half of that price.

A round is only held if the one before it ended with no sale. One notice can carry the three dates. If nobody bids at the third, the court can award the property to the lender.

The marshal holds the auction at the place, day and hour in the notice, between 9 in the morning and 5 in the afternoon. The marshal reads the notice and takes bids from the minimum up, and the highest bid wins.

The winner pays at the auction itself, in cash or with a manager's or certified check made out to the marshal, unless the notice allows another way. The lender can bid what it is owed instead of paying.

Earlier liens stay with the property, and the notice lists them. Up to five years of unpaid property tax, plus the current year, can also follow it. Later liens are cancelled.

The marshal writes down how the auction went. The court reviews it and confirms the sale, and the marshal signs the deed of the sale before a notary the buyer chooses. The deed can be recorded once the court confirms the sale, and the court orders the later liens cancelled.

If someone lives in the house, the buyer can ask the court for possession within 20 days of the sale, and after that the court can order the eviction. Someone who was never part of the case may have rights of their own.

A bankruptcy filing, an appeal, mediation that is not done, or the lender reviewing the owner for loss mitigation can stop or put off the auction. A stopped auction can be scheduled again later.

Subastas has a tab for the 1ra, 2da and 3ra Subasta, and New, Upcoming and Past. On the Investor plan, Pre-foreclosure shows the cases with a lawsuit and no sale ordered yet.

Filter by Municipality, Property type or bid, and With pictures only hides the ones without a photo. An auction shows the Amount owed, the Lender, the case number, the Auction location, the Payment method, the dates and minimum of its rounds, the legal description and the property record. Share makes a link to send it.

This is general information, not legal advice. Before you bid, read the notice and the case, and check with a lawyer.