Foreclosure Homes Ottawa, Brockville

If you are facing possible home foreclosure in Ottawa or Brockville you should try to get a good understanding of the legal process, hire a lawyer to protect your legal rights and retain the services of a mortgage agent with a background in foreclosures.

There are certain procedures that a lender must follow before they can start a home foreclosure in Ottawa or Brockville. The first step in the foreclosure process is that the lender must start a court action with the Ontario Superior Court of Justice. The claim is generally issued at the courthouse for the area where the property is located.

Once the claim has been issued, a “Statement of Claim” for foreclosure will be served on you, this is a copy of the lender’s foreclosure claim filed with the court. The lender can also ask the court for a judgment against you for any amount of money that you may still owe on the mortgage.

As the home owner you have the right to respond to the claim. You can deliver a “Statement of Defence” if you dispute the claim, or a “Request to Redeem” if you want the chance to pay off the mortgage and keep your home. Responding means the lender must notify you of any further steps or filings that relate to your property. If you do not respond to the Statement of Claim, the lender can proceed without informing you of the legal proceedings or the status of the foreclosure, and may obtain a default judgment against you.

The home owner is given time to “redeem” the mortgage on their house by paying the full amount owed, plus any interest, costs and taxes to the lender. This time period is called the “redemption period” and its length can vary, but the usual time for this is about 60 days. You can also ask the judge for a longer period of time to get the money required to pay off the mortgage or sell your home. The home foreclosure laws in Ontario are designed to give the home owner every chance to redeem the mortgage.