Foreclosure is the legal steps that a lender takes to recover arrears and principal on mortgage loan that is in default. It is a legal process for a mortgagee (lender) to sell, or take ownership of, a property when the owner defaults on the mortgage.
The most common default under a mortgage is the non-payment of regular mortgage payments. Legally, the foreclosure process can be started after only one missed payment.
Acts of default under a mortgage may include-
- Failing to make mortgage payments,
- Allowing significant damage to the property,
- Failing to insure the property,
- Failing to pay taxes or condominium fees on the property.
Even if your credit is damaged, we arrange mortgage financing for clients with all types of credit profiles- from excellent to poor. For us, Equity is King. Canada West Mortgage has successes where many big banks & other lenders fail.
We lend in Calgary, Edmonton, Red Deer, Lethbridge, Grand Prairie, Leduc, Olds, Medicine Hat and surrounding areas. We also now lend in Manitoba – Winnipeg, Brandon, Selkirk, Steinbach, Morden, Portage La Prairie & surrounding areas.
Allow us to fight the good fight on your behalf using our network of lenders, lawyers and appraisers. Once you give us consent to deal on your behalf, then it is just a matter of time before the stress will be lifted.