Helping Homeowners Through The Foreclosure Process

Alberta Foreclosure Help

Foreclosure in Alberta – Legal Perspective

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Talking With A Lawyer About Foreclosures

I recently had the pleasure of sitting down and chatting about Alberta Foreclosure with Barry McGuire, a long time real estate lawyer who practices in Edmonton, Alberta.  Barry has been a real estate legal professional in Alberta for over 35 years and understands the intricacies and details of the foreclosure process in Alberta better than anyone I know.

He was kind enough to answer some of the top questions I get from subscribers on a frequent basis at CanadaHomeBuyer.ca.   Go ahead and click on the video to hear his wisdom!

Right of Redemption – A Homeowner’s Rights After the Redemption Period!

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Right of Redemption Explained

To help you understand your right of redemption, let’s look at it’s definition.

Definition: Equity of Redemption – the right of a borrower to redeem (i.e., buy back) his or her property by paying off the outstanding mortgage debt in full.

Don’t confuse this term with the Right of Redemption of a borrower. The Right of Redemption is the ability of the borrower to bring the mortgage back into good standing and recover title to their property at any time. This right exists at any time, before or after the court imposed redemption period expires, up until such time as the property is sold on the open market to a 3rd party.

After the borrower has been identified as in default, the borrower retains an equitable right to redeem the mortgage and discharge the property from encumbrance. The Law of Property Act provides periods of redemption, typically 6 months for residential property, but this is heavily dependent upon the amount of equity available in the property.

The redemption period set by the courts outlines the time period the courts have given the borrower to act before the court orders the sale of the property or affords the bank title ownership. Title ownership by the bank can be achieved either through a transfer of title to the lender or a direct sale of the property to the lender. In the latter case, the borrower no longer has rights to the property.

What is important for you to know is that if the court assigns the ownership to the bank only through a transfer of title, the borrower still has rights over the property.

Therefore, as part of the right of redemption, the borrowers rights to redeem the property do not end at the time the court appointed redemption period ends, but rather, remain in force as long as the bank still holds that property and has not sold it to a 3rd party.

The borrower still can come back, pay all arrears and legal fees, get title back and continue with the original mortgage!

For more information about the Redemption Period itself, check out the following video,

Alberta Foreclosure Advice

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Understanding Foreclosure

At whatever stage of foreclosure you may currently be in, you as the homeowner remain in control of your home as well as the direction and result of the proceedings against you.

This remains a fact up until the home is sold via judicial sale, and controlling whether or not it ever gets that far remains your decision.

Our most important piece of advice about foreclosure for anyone is that you understand your options. This starts by learning the steps involved in a foreclosure and then identifying where you are in the process.

As initially mentioned, until the home is sold by the courts, there will be options. Whether you’re at the initial stages with just a  Statement of Claim in place or you’ve already had your Redemption Period set you are still in control.

The foreclosure process in Calgary or anywhere in Alberta for that matter is a serious issue, but it is possible to turn the situation around.

With our network of mortgage advisors, Real Estate agents and even potential buyers there may be a way that you can move forward with our assistance.

If you’d like to contact us, use the handy contact form below, or leave us a comment and we’ll see how we can help.