Foreclosure Homes in Kamloops, Kelowna and Richmond, British Columbia

Foreclosures are used by lenders to recover funds when the owner of the property is in default of payment. Foreclosures in Kamloops, Kelowna and Richmond, British Columbia can only be started after a borrower has missed a payment or defaulted on terms of the mortgage. Lenders in Kamloops, Kelowna and Richmond, British Columbia must ask the courts for permission to start the foreclosure process. If the lender has been successful in the courts they will take title to the home, the lender now owns the home and has the option to either keep the property or to sell the property. The lender also has the option to sue the home owner for any loss incured.

Lenders in Kamloops, Kelowna and Richmond, British Columbia do not want to foreclose on your property they would prefer the borrower to just keep making the payments. In many cases the lender will only act once the home owner has missed at least one payment or defaulted in some other manner, the lender will then send default notices to the owner. In most cases the lender will wait about 3 months before they begain the legal foreclosure process, lenders would rather talk to the borrower to try and arrange a reduced payment plan.

If the lender has decided to foreclose on your home the legal documents must be filed at the local Supreme Court Registry for Kamloops, Kelowna and Richmond, British Columbia. As the home owner you should recieve a “petition for foreclosure” from the lender. You should retain a lawyer to protect yor rights and the lawyer should file a “Response to Petition” within 21 days at the court house. The “Response to Petition” tells the court that you are the home owner and that you want to be informed of any court proceedings against your property.

Once the foreclosure process has started on a home in Kamloops, Kelowna and Richmond, British Columbia the home owner has some options. The first option is to pay off the lender in full or may only be required to bring the mortgage into good standing, which means paying for any outstanding amounts, but not the principal amount.

The second option, is to sell your home. Foreclosure of a home by a lender in Kamloops, Kelowna and Richmond, British Columbia means that the home will be taken from the owner. The owner may not receive any money from the sale of the property even if there is equity in the home.

For more information on foreclosure homes in Kamloops, Kelowna and Richmond, British Columbia please contact our mortgage brokers.