FORECLOSURE
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Understanding the Foreclosure Process in Alberta
If you’re facing foreclosure, the first step is not to ignore the notices.
This guide explains the process, step-by-step, in plain language.
IS THIS YOUR SITUATION?
You’re behind on your mortgage payments and
your lender has contacted you, or you may have received formal notice of Foreclosure Acton.
QUICK SUMMARY OF THE FORECLOSURE PROCESS
Default on Mortgage Payments
Begins when a borrower misses mortgage payments.
Lenders may offer a grace period and attempt to contact the borrower.
Repeated missed payments can lead to default and legal action.
Statement of Claim and Court Involvement
Lender files a Statement of Claim with the Court of King's Bench of Alberta.
Borrower has 20 days to respond or risk a Default Judgment.
Failure to respond allows the lender to proceed with foreclosure unopposed.
Notice of Default
Issued when the borrower fails to make payments.
Formal warning that a breach has occurred.
May impact the borrower's credit score.
Borrower may still reinstate the mortgage with overdue payments.
For a more detailed Summary, download the free PDF below.
Our Solutions
We provide homeowners with one-on-one professional assistance to resolve pending foreclosures. Through 20+ years of experience, we have developed and refined a number of successful strategies to help our clients stop foreclosures, manage their financial obligations, and explore options to restructure complex situations.
We carefully review all of the legal, financial, and property information and we perform extensive due diligence to ensure that each of our client's are provided with honest and accurate advice. At all times our clients are aware of what stage they are at in the solution process, and the client is in full control of when they wish to proceed with the solution.
Some of the services we provide include:
Assistance with understanding legal paperwork.
Explanation of the foreclosure process.
Depending on your solution potentially working directly with your lender(s) and their lawyers.
Assistance with restructuring your mortgage payments.
Sourcing private (non-bank) financing options.
Providing long-term guidance through the legal and financial actions involved.
Helping to avoid additional legal fees and judgments.
Need to discuss your oWN situation?
Schedule a Free 30 Minute, private consultation where we can review your options, and discuss next steps. We’re here to help.
Contact Us
Now is the time.
If you are facing foreclosure, now is the time to educate yourself about the options and resources available to you. There are options available that may help stop foreclosure and protect your home and credit. However, you often only have one opportunity to get it right.
Our dedicated team will guide you through the complexities of these issues, and help you find the right solution to help stop your foreclosure altogether. We believe in finding permanent solutions to the problems our clients encounter.
