Stages of Foreclosure

Stage 1: The bank issues a statement of claim. This is after you have missed at least three payments on your mortgage and it is questionable as to your ability to service the financing of your home.

Stage 2: This statement of Claim must be served to the owner of the home. The owner has a 15 day period to file a statement of defence. If this is not filed then next stage will commence.

Stage 3: The bank will request in this Statement of Claim that the Court order the home to be sold. The range of time granted by the court is dependent on the equity in the home and can vary from one day to one year. The most common redemption period is 6 months or less.

Stage 4: Next, the bank must file an Order for Sale of the property. This must be accompanied with a property evaluation from an appraisal company. In addition, this step will outline more specifically the dates of the redemption period and how the property is to be sold either by the Court Tender Process or via the MLS at the appraised value.

Stage 5: The Order for Sale must be served to the owner of the home.

Stage 6: If the redemption period passes without the owners having the financial capacity to pay the arrears, then the home will be sold.

Depending on what stage of the process you are in will determine what can be done to stop your foreclosure and save your credit. There are many different options that can be provided to help you out of your current situation and get back on your feet again.

If you are in foreclosure and would like to know what your options are, please fill out the form below and we will be in contact with you for assistance.

Fill out the Form

1. First Name(required)
2. Last Name(required)
3. Address 1(required)
4. Address 2(required)
5. City(required)
6. Province(required)
7. Postal Code(required)
8. Country choose one USA CANADA (required)
9. Primary Email(valid email required)
10. Daytime Phone(required)
11. Evening Phone(required)
12. Please provide us with some general info about your situation and let us know how we can help you.
13. What is the address or part of town the home is located?
14. Is the home currently vacant?
15. yes no
16. What type of house are you interested in selling? choose one condo Duplex/Triplex Single Family Home Multi Unit Commercial
17. How many bedrooms are there?
18. How many bathrooms?
19. What type of Exterior does it have? choose one Brick Stucco Wood Vinyl Siding Aluminum Siding
20. What type of parking does it have? choose one Garage Parking Pad Driveway Parking Stall Street Carport
21. What type of foundation does it have? choose one Basement Block/Concrete Slab Crawl Space
22. If this is a Multi Unit, please indicate the number of each unit:
23. Bachelor
24. 1 Bedroom
25. 2 Bedroom
26. 3 Bedroom
27. List other things your home has such as deck, shed, etc.
28. How many years have you owned the property? choose one less than 2 2-4 5-8 9 or more
29. When was the property built?
30. What is the Tax Appraised value of the property?
31. What is the Fair Market Value of the property?
32. What is the Asking Price of the property?
33. Do you own the home Free and Clear?
34. yes no
35. If No, what type of mortgage do you have?
36. CMHC Conventional
37. What is your interest rate?
38. What is the Year of Origination of your mortgage?
39. Tell us about the 1st Mortgage
40. Approximate Loan Balance
41. Monthly payment including Principle, Interest, Taxes and Insurance
42. Term of the Mortgage
43. Tell us about the 2nd Mortgage
44. Approximate Loan Balance
45. Monthly payment including Principle, Interest, Taxes and Insurance
46. Term of the Mortgage
47. Are all your payments up to date?
48. yes no
49. If no, how many payments behind?
50. Tell us about the 1st Mortgage holder or lender
51. Mortgage Company Name or Note Holder
52. Contact Name
53. Phone Number
54. Tell us about the 2nd Mortgage holder or lender
55. Mortgage Company Name or Note Holder
56. Contact Name
57. Phone Number
58. Please let us know how it is we can assist you?
59. CAPTCHA

 

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