Best Foreclosure Lawyers in Central

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Hampton, Winter and Glynn
Central, Hong Kong

Founded in 1982
10 people in their team
Chinese
English
Hampton, Winter and Glynn (HWG) has been providing legal services to Hong Kong’s businesses, community and people for 40 years.  HWG is Hong Kong’s preeminent independent law firm and is strongly committed to the prosperity and success of the region. The firm’s areas of...
LT Lawyers
Central, Hong Kong

Founded in 2015
10 people in their team
Chinese
English
Founded in 2015, LT Lawyers is an independent firm of solicitors who are committed to Hong Kong, seasoned with international experience, effective in English as well as Mandarin and Cantonese, and dedicated to providing specialised legal services across the contentious, non-contentious and...
Lim & Lok
Central, Hong Kong

Founded in 2000
50 people in their team
Chinese
English
Lin Luo Law Firm has always been committed to providing high-quality and efficient legal advice and services to all walks of life, and treats every client with a professional, timely and responsible attitude.The head office in Hong Kong has been established for 10 years, and its lawyers and teams...
Slaughter and May
Central, Hong Kong

Founded in 1974
5,000 people in their team
Chinese
English
HONG KONG OFFICEWe have a long-standing presence in Asia and opened our office in Hong Kong in 1974.We have extensive experience of a wide range of work involving Hong Kong, the People's Republic of China and Asia.We act for many of the world's leading companies who choose us because we share their...
Tony Kan & Co
Central, Hong Kong

Founded in 1984
16 people in their team
Chinese
English
About usFounded in 1984, Tony Kan & Co. is one of Hong Kong's established law firms providing a comprehensive range of professional legal services to our Clients.The Partners of our firm are well experienced in legal services, some of them had worked in senior positions in the Department of...
Sullivan & Cromwell
Central, Hong Kong

Founded in 1992
5,000 people in their team
Chinese
English
Established in 1992, Sullivan & Cromwell’s Hong Kong office serves as a strategic point for significant transactions that involve Greater China and Asia Pacific companies or assets. The Firm also advises clients on significant cross-border transactions in the rest of Asia and elsewhere in the...
Kwan & Chow, Solicitors
Central, Hong Kong

Founded in 1984
50 people in their team
Chinese
English
About UsKwan & Chow, Solicitors is an established Hong Kong law firm conveniently located in the Central District. Our solicitors are experienced in their respective areas and are always ready to assist you on your needs. A list of solicitors in Kwan & Chow, Solicitors can be found under...
CLM Lawyers
Central, Hong Kong

Founded in 2000
50 people in their team
Chinese
English
About CLM Lawyers CLM Lawyers is an independent law firm that provides wide range of services to our clients. We believe our clients are our highest priority. Our team has in-depth experience in various industries and is committed to deliver flexible solutions to clients of different...
Fongs
Central, Hong Kong

Founded in 2006
10 people in their team
Chinese
English
The FirmFONGS is a Hong Kong-based law firm which, since the day of its opening, has been providing professional and high quality legal services to local, PRC and international clients.Our interdisciplinary team offers a full array of legal services to all types of individuals and corporations and...
Poon Lawyers
Central, Hong Kong

Founded in 2014
10 people in their team
Chinese
English
POON LAWYERSPractices AreaCivil and Criminal ProceedingsChinese NotarySale and Purchase of PropertyDivorceMarriage RegistrationContract DraftingBankruptcy ApplicationCompany liquidationPOON LAWYERSPractices AreaCivil and Criminal ProceedingsChinese NotarySale and Purchase of PropertyDivorceMarriage...
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About Foreclosure Law in Central, Hong Kong

In Hong Kong, foreclosure is a legal process where a financial institution or lender attempts to recover the balance of a loan from a borrower who has defaulted on their loan payments by forcing the sale of the asset (usually a real estate property) used as the collateral for the loan. The foreclosure law is complex and often varies depending on each individual case. It requires a thorough understanding of the Hong Kong Conveyancing and Property Ordinance (Cap. 219), the High Court Ordinance (Cap. 4), and the specific loan agreement.

Why You May Need a Lawyer

Foreclosure procedures in Central, Hong Kong can be complex and involve significant legal and financial consequences. It's best to have an experienced lawyer if you're facing foreclosure. They can guide you through the intricate legal processes, protect your rights, challenge the lender's claims, and possibly negotiate a settlement that can avoid foreclosure. A lawyer may also assist in exploring alternative options like loan modification, refinancing, or selling the property to pay off the debt.

Local Laws Overview

The local laws regarding foreclosure in Central, Hong Kong are mainly governed by the Conveyancing and Property Ordinance (Cap. 219). The ordinance stipulates that a lender must send a legal notice to the debtor before initiating foreclosure proceedings. If the debtor fails to settle the debt within the given period, the lender may apply to the court for an order of sale of the property. Court decisions are made on a discretionary basis after considering the interests of all parties involved. One cannot sell, rent, or alter the property during foreclosure without the court's or creditor's consent.

Frequently Asked Questions

What happens to the property after foreclosure?

After the judicial decision, the property is sold, and the proceeds are used to pay off the debt. Any surplus is returned to the borrower, while a deficit may still be owed to the lender.

Can foreclosure be stopped?

Yes, foreclosure can be stopped if the borrower pays off the outstanding debt, sells the property to settle the debt, or negotiates other arrangements like refinancing or loan modification with the lender.

What are the rights of tenants during foreclosure?

Tenants are protected under the Landlord and Tenant Consolidation Ordinance and cannot be evicted during the foreclosure process. Any new property owner must respect existing rental agreements.

What is the duration of a foreclosure process?

The duration may vary, depending on the court proceeding, but it usually takes several months to a year.

Can creditors claim other assets apart from the property under foreclosure?

If a loss still remains after the property sale, the creditor can obtain a deficiency judgment to claim other assets or income from the borrower.

Additional Resources

The ‘Bilingual Laws Information System’ of the Department of Justice provides detailed information on all related ordinances. The ‘Hong Kong Judiciary’ website offers resources related to court procedures involved in foreclosure. The 'Consumer Council' provides guidance and information to consumers in financial distress.

Next Steps

If you need legal assistance with foreclosure, it's recommended to hire a lawyer experienced in foreclosure. They can review your situation, explain your legal rights and options, negotiate with the lender, and represent you in court if necessary. Acting as swiftly as possible can increase your chances of avoiding foreclosure.

Lawzana helps you find the best lawyers and law firms in Central through a curated and pre-screened list of qualified legal professionals. Our platform offers rankings and detailed profiles of attorneys and law firms, allowing you to compare based on practice areas, including Foreclosure, experience, and client feedback. Each profile includes a description of the firm's areas of practice, client reviews, team members and partners, year of establishment, spoken languages, office locations, contact information, social media presence, and any published articles or resources. Most firms on our platform speak English and are experienced in both local and international legal matters. Get a quote from top-rated law firms in Central, Hong Kong - quickly, securely, and without unnecessary hassle.

Disclaimer:
The information provided on this page is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and relevance of the content, legal information may change over time, and interpretations of the law can vary. You should always consult with a qualified legal professional for advice specific to your situation. We disclaim all liability for actions taken or not taken based on the content of this page. If you believe any information is incorrect or outdated, please contact us, and we will review and update it where appropriate.