Edmonton Real Estate with Mark Wilbert
Local Real Estate Topics & TrendsForeclosure Process in Alberta
The foreclosure process in Alberta usually comes about when the owner defaults the mortgage. There are a lot of reasons why this can come about. The most common cause why this happens is when the mortgage debtor fails to pay off the financial obligations that he/she has towards the mortgage lender. This may be because they are unable or even unwilling to do so. The foreclosure process is as follows:
1) Financial obligation is not met by the borrower.
2) Mortgage lender gives a demand letter to the borrower, giving the borrower enough time to pay off the mortgage. However, if the borrower has missed three months of payment on the mortgage the lender can submit a petition under the Court of Queen’s Bench to foreclose on the property.
3) The court then goes out an ‘Order Nisi,’ which gives the borrower a redemption period of six months to pay…
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Steps Away from the Ravine in the quiet community of Gariepy. Asking: $499,990
This home has been meticulously cared for and maintained. Very bright with large windows throughout the home. Large formal living and dining room areas. Upgraded Kitchen with corian countertops and drop sink. Family room has laminate flooring and features high ceilings with a cozy stone fireplace. Oversized garage is heated and insulated. Beautifully landscaped with large cedar deck and sunny south exposure in the backyard. Basement is fully developed with large recreation room, 5th bedroom & full bath. Home is hot water heated featuring 5 zone for low heating bills. Located on a dead end street, close to golf course and walking trails.
Contact me for more info or a viewing: 780-908-8997
51 & 82 Ellice Bend in Fort Saskatchewan For Sale. 4 Bedroom 3 Full Bath, over 2,400sqft. Contact Mark at 780-908-8997 for more information.
Edmonton Real Estate with Mark Wilbert 