Document background
The Notice of Intent to Foreclose is a crucial document in German property law, serving as a formal warning mechanism before the initiation of foreclosure proceedings. It is typically used when a borrower has defaulted on mortgage payments and standard collection efforts have been unsuccessful. The document must comply with specific requirements under German law, including the German Civil Code (BGB) and the Code of Civil Procedure (ZPO). It contains detailed information about the default, outstanding amounts, payment deadlines, and consequences of non-payment. The notice must provide the debtor with a reasonable opportunity (minimum 2 weeks) to cure the default before foreclosure proceedings can begin. This document is particularly important as failure to properly serve a Notice of Intent to Foreclose can result in the invalidity of subsequent foreclosure proceedings.
