If you are a home owner in British Columbia and you have fallen behind on payments or your bank will not renew due to previous payment history here is some options you can consider.
Mortgage Lenders That Assist with Foreclosures
Your BC Mortgage Broker has options through alternative mortgage lenders that can assist with reinstating your mortgage & if require refinancing your entire mortgage.
Lawyers to Consult
Dial A Law library “is prepared by lawyers and gives practical information on many areas of la in British Columbia.
What is a Foreclosure?
A Foreclosure is an action from a money lender when the borrower has stopped paying back the mortgage.
What is a Mortgage?
Mortgages are contracts between lenders and borrowers to pay back a loan or mortgage.
What are missed or late mortgage payments?
Lenders do not want to foreclose on properties so missing or being late on a few payments doesn’t necessarily mean you will loose your home. Lenders usually start the process of foreclosure after the 2nd or 3rd month after of non payment.
What The Process if Lenders Start Foreclosure?
Petition: Lawyers file a petition to court and you will be served with a copy. It is sent to all interested parties. You can file a response to the petition.
First Hearing: At the hearing the lender will be looking for the judge to give them an “order nisi”. Most cases the borrower will be granted a “redemption period” usually 6 month redemption period.
What Happens at the End of Redemption Period: Typically at the end of a redemption period the lender can choose to have he property listed for sale by the court. The other options for the lender is to request “absolute order for sale”.
Court ordered Sale: Court ordered sale is when the courts list the property for sale and approves the sale of the property. If there is a short fall to pay the petitioner in full the petitioner can seek a deficiency judgment form the court against the borrower.
Order Absolute: Absolute order of Foreclosure is granted to the petitioner and they become the new resisted owner of the property. This happens when when the property value equals or exceeds the debt. No other action an be taken against the borrower.
To review your situation please feel free to contact us or apply online and we will be happy to discuss options.