Foreclosures are an unfortunate part of life. A recent report from the Canadian Bankers Association indicates that about 0.50% of mortgages were in arrears in September 2020 in Alberta. Most of these face the risk of foreclosure.
No matter what the reason for foreclosure, the process is still stressful and
disheartening for the homeowners. The process of foreclosure comes under the Law of Property Act. The Act allows the lender to demand, from the borrower, the amount owed in case of missed payments. When the borrower is unable to clear the missed payments, the foreclosure process begins. Here’s how you can get foreclosure help Alberta to avoid being evicted and losing your home.
Contact a Foreclosure Lawyer
When you receive a “Demand Letter,” you should contact a lawyer specializing in foreclosures rather than ignoring it. If you are in a situation to pay the money owed and the legal costs to the lender, then your lawyer will inform the lender about it, and once the money is paid, the property will not be at risk of foreclosure.
In case things have snowballed to reach the stage of “Statement of Claim,” and you haven’t hired a lawyer yet, then you should do so immediately. You have only 20 days from the receipt of the Statement of Claim to file a Statement of Defence. Taking no action on the Statement of Claim can be disastrous as it will result in the issue of the “Noted in Default” statement, and the lender can begin foreclosure proceedings. Therefore, the first thing to do is hire a foreclosure lawyer who will guide you through the process.
Contact Your Lender
When your property is likely to be foreclosed, you can contact your banker to negotiate a solution and save your home. Most bankers are willing to negotiate with the borrowers and create a new repayment plan that suits your present financial situation. Foreclosure is high-priced for the lender, and they, too, want to avoid it. Therefore, foreclosure help in Alberta can be as simple as talking to your lender.
Contact a Professional Foreclosure Expert
There are foreclosure experts out there who are not lawyers but know the process in and out. You can take the assistance of such experts and discuss your situation with them. They will guide you on how things will pan out and the various options to save your house. They can even negotiate with your lender on your behalf, file the required documents, and respond to any notices.
Contact an Alternate Lender
Some banks are willing to take on your current mortgage and pay off the present banker. You can discuss the various payment options with them. You can discuss a forbearance plan with them that gives you 3–6 months before you begin payments. This gives you enough time to get back on your feet and start making payments regularly.
Foreclosures are not usually planned but can become a reality anytime. Foreclosure help in Alberta can take many forms. The aforementioned are a few ways that you can find foreclosure help in Alberta. Now, you don’t have to worry about foreclosure, even when you face a financial crisis.
