Tag Archives: home owner

Canadian Foreclosure Process

Canadian Foreclosure Process

 

A professional Canadian Real Estate investor should understand thoroughly about Foreclosure process in Canada.

The word “foreclosure” is a nightmare for the property owner as well as for the Lender. Although the numbers usually increase during the real estate bust cycle; it happens all the time.

If the person who borrowed money using a mortgage fail to pay back that mortgage, money-lender can use foreclosure as a legal action. Foreclosure allows the lender to take or sell that person’s house by first getting a Court’s permission to do so.

The property owner will not lose their property right away when he misses a mortgage payment or makes a late payment. Lenders don’t want to foreclose if they don’t have to because it is expensive and is a lengthy process. Not until two or three months after the borrower has stopped paying, would the lender probably start to foreclose. Usually, a lender will send out letters requiring payment. Then, if they don’t receive a reply, the lender will usually start to foreclose and to sue at the same time. The foreclosure process differs from province to province in Canada.

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Foreclosures in Canada and Power of Sales

 Foreclosures in Canada and Power of Sales are legal action taken by the lender when the mortgage are in arrears.

Most Canadians think foreclosures have not happened that much in Canada. In fact, most think that the sub-prime fiasco that the  United States has and is experiencing has not affected Canada. Let me tell you that that is not true.

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