If you are facing a home foreclosure in Saint John’s, Newfoundland you should have an understanding of the legal process. You should also retain the services of a mortgage agent to stop the foreclosure process. Please feel free call our mortgage broker for information on your foreclosure.
Every lender must follow certain procedures before they can start a home foreclosure in Saint John’s, Newfoundland. The first step in the foreclosure process is that a lender must apply to a court for an order. If there’s a Supreme Court Registry in your local town or city, the lender is usually required to start the foreclosure proceedings there, unless you agree to file the papers at a different location.
Once the court has the filed order a “petition for foreclosure” will be sent to you this is a copy of the lender’s foreclosure application to the court. The lender can also ask the court to sue you for any amount money that you may still owe on the mortgage.
As the home owner in Saint John’s, Newfoundland you have the right to request an Appearance form from the court registry. The Appearance form must be completed and filed at the court address shown on the petition. The Appearance form requires the lender or any other person to notify you of any further steps. If you don’t file the Appearance form, the lender can proceed without informing you of the legal proceedings. Once the Appearance form is filed, you will get a document called a “Notice of Hearing”. The notice will tell you when the foreclosure process will start.
The home owner is given time to “redeem” the mortgage by paying the full amounted owed. This time period is called the “redemption period” and it’s length can vary. The usual time for this is about 6 months, you can also ask the judge for a longer period of time. Home foreclosure laws in Saint John’s, Newfoundland are designed to give the home owner every change to redeem the mortgage.
Follow this link for the Province of Newfoundland.