If you are facing a possible home foreclosure in Regina, Saskatchewan you should try to get a good understanding of the legal process and your legal rights.
The lender must first apply to a court for an order, which is the first step in the foreclosure process. If there’s a Supreme Court Registry where your house is located, the lender has to start proceedings there, unless you agree otherwise.
A “petition for foreclosure”, will be sent to you this is the lender’s application to the court. The lender also has the option to sue you in the same court proceeding for any amount money that you may still owe on the Saskatchewan mortgage.
You should go to the court and request an Appearance form from the court registry. The Appearance form must be filled out and filed at the court address shown on the petition. Once you have filed the Appearance form, no other person can take any further steps in the foreclosure without notifying you. If you don’t file the Appearance form, the foreclosure can proceed without you being formed of the proceedings or the status of the foreclosure. Once the Appearance form is filed, you will get a document called a “Notice of Hearing”, which tells you when the lender will ask the judge for an order to start the foreclosure process.
The court will give the home owner time to “redeem” the mortgage by paying the full amount you owe, plus interest, costs and taxes to the lender. This time period is called the “redemption period” and it’s usually set at around 6 months. When you attend the court hearing you can ask the judge for a longer period of time to get the money required to pay off the mortgage or sell your home. If you ask for a longer redemption period or an extension, the court will want to know what you have done to pay off the mortgage and what chance you have of paying the mortgage or selling the house on your own or through a real estate agent. Our mortgage agents can help you stop a home foreclosure in Saskatchewan.