Foreclosure Facts | Canada West Mortgage
If you are facing a foreclosure in Alberta and need help to salvage the situation, it is best to educate yourself about the options and resources available to you. There may be solutions available to stop the foreclosure, thereby saving your home, and initiating the credit repair process. Canada West Mortgage will guide you through the complexities of the mortgage & legal issues, and help you find the right solution to help stop your foreclosure altogether.
More and more Albertans are in danger of losing their homes to the bank — or have already lost them under a foreclosure action. A combination of job loss and high debt loads are usually to blame. Foreclosures have been on the rise, growing by about 25 per cent annually over each of the past two years, according to new data from the provincial government.
The number of people falling behind on their mortgage payments has been rising, too, raising the potential for further foreclosures in the future.
Usually a lender does not foreclose right away because it is an expensive process. You should receive a letter from your lender’s lawyer, warning you that they have been given instructions to start foreclosure proceedings at the address you last gave to your lender. Ultimately the lender is worried about losing money, so they will want to sell the property to collect what is owed under the mortgage, or become the owner of the property.
It is often in everyone`s best interest if a compromise can be reached between an owner and the lender. To get an order to sell the property, the lender must follow the legal process for foreclosure or get the owner`s consent to the sale.
The Statement of Claim is the first step in the foreclosure action. The lender must have filed the Statement in the Court and served a copy on you. The Statement will set out the amount of money you owe to the lender, and ask the Court to enforce the mortgage and grant the lender the remedy needed to recover its debt.
At one time it took a foreclosure about 1 year to be completed. The attitude of the Courts, however, has changed over the last several years and currently a foreclosure can be completed within 2-3 months. Do not ignore the Statement of Claim that will give you notice of the foreclosure action.
Getting Professionals to work for you
This is not legal advice. If you require legal advice, you should contact a lawyer.
To begin the process of refinancing, the initial consultation with Canada West Mortgage can take only a few minutes. If the situation can be salvaged, then a more extensive application process must quickly take place – You can click here to apply online. Alternatively, you can contact me here.
We also have good access to experienced business partners who can be hired to represent your best interests. Click on the links below for full contact details.
Law Firm in Edmonton – Craig Lupul of Stillman LLP
Law Firm in Calgary – David McKenzie of Proventure Law LLP
Realtor – Nelson Yarmoloy of Yarmoloy Group/ReMax First