Archive for October, 2009

Alberta Foreclosures

Foreclosure Process in Alberta The foreclosure process in Alberta is closely related to that of British Columbia. The process involves foreclosure_property_albertaforeclosures under judicial sale. The Foreclosure Process in Alberta allows any respondent or petitioner to apply for a judicial sale, otherwise known as a court ordered sale. The following proceedings will then be carried out in court.

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BC Foreclosure Process

The Foreclosure Process In British Columbia, Canada

There are many clearly defined steps involved in the foreclosure process in British Columbia, Canada. If a mortgage holder in this province becomes seriously delinquent in his payments on the loan, the foreclosure process may be initiated by the original lender. Below, the basic steps involved in the actual foreclosure process are outlined in greater detail.Vancouver, Canada Foreclosure .

Step One: Demand Letter

To initiate the foreclosure process, the lender mails a letter to the borrower informing them that the balance of the mortgage is now due in full due to delinquency. This letter will inform the borrower of the total amount of the remaining balance of the original loan, and the period of time that is available to make payment. This shortened period of the terms of the mortgage is referred to as the “acceleration” of the mortgage.

Step Two: Petition

A petition is filed by the lender with the British Columbia Supreme Court registry. Henceforth, the lender is referred to as the “petitioner,” and the borrower and other charge holders on the mortgage are referred to as the “respondents.”

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