Typical Steps In the Alberta Foreclosure Process
Below is the step in the foreclosure process. Remember you can Stop Calgary Foreclosure by taking action today.
Lenders will usually initiate communication on a first missed payment. Some lenders will call while others will mail a letter notifying you of the missed payment. If the missed payment can immediately be paid, this will typically end the foreclosure process. Borrowers should not ignore this communication. Some mortgages have provisions for a single missed payment if there is a situational issue.
In the foreclosure process a demand letter is usually sent after the second missed payment. This letter can be sent by the lender directly, a collections company or a lawyer. In all instances this letter will state that if arrears are not paid up, a foreclosure will be commenced against the land owner.
Filing of a foreclosure claim
In Alberta, foreclosures are started by way of a statement of claim. The claim is filed in the Court of Queen’s Bench. Once this stage of the foreclosure process is started, a borrower will be liable for more significant costs as most lawyers provide for a borrower to pay all costs associated with the foreclosure process. The lawyer starting the action will the file a notice on the title to the property. This notice will let other lenders secured on title know that a foreclosure action has been started.
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