Our Calgary Foreclosure lawyers offer their legal assistance to lenders or borrowers. However, we mainly focus our services to help the mortgage borrowers against the lenders.
What is Foreclosure?
A foreclosure is a legal process by which a lender (bank) initiates a court action against the borrowers for failed mortgage payments. There could be various reasons as to why borrowers or homeowners are losing their property. We can help you to negotiate with the bank’s lawyer and/or stay the foreclosure proceedings. It is important to contact us earlier in order to save as much equity in the home as possible. When you get served with the Statement of Claim for Foreclosure, please contact one of our foreclosure lawyers at Shim Law.
How Does Foreclosure work?
After the forfeit of the property, the lender or bank will take over the property. Below are the following steps of how a foreclosure process may happen:
- Missed mortgage payments
As previously stated, the most common reason for a foreclosure are missed mortgage payments which will lead to a public notice of foreclosure.
- Demand Notice to the Mortgagor (or Borrower)
After a consecutive amount of missed mortgage payments, the lender will issue a demand of payment against the homeowner.
- Foreclosure Action
- The bank’s lawyer will file a Statement of Claim for Foreclosure and serve you with the said Claim. Generally speaking, you have 20 days to respond to their Claim.
- Order Nisi
Depending on the equity that you have in your house, the Court determines how many days of redemption period you will get.
- After Order Nisi
If there is still a remaining debt after the property is sold then the lender may have the right to garnish your wages after foreclosure.
- Order confirming the sale or Order for Foreclosure
Foreclosure for Lenders
We also represent the lenders or banks. Our goal is to recover the outstanding mortgage debt as soon as possible in order to minimize any potential losses that may occur during the foreclosure process.
Furthermore, we will advise you with the most efficient way to recover your money back.
Buying a Foreclosure Home
If you are interested in buying a foreclosed property, we can work with the licensed realtor to find the foreclosed properties for you. We can also advise you the potential risk involved in buying the foreclosed property.
Contact Our Real Estate Lawyers in Calgary
If you’re a lender or future home owner and seek our professional legal advice, please come see our real estate lawyers now!
Please call (403) 476-2011 or click here to book a consultation now.
Other Types of Real Estate Law Services
We do provide other Real Estate services below but if you do not see the service you are in need of, please send us a email at [email protected] to inquire about the availability of this service.