Foreclosure Education and Resources
Featured Resources
Finding Foreclosure Guidance
Sandy recently called our office desperate for some guidance. She told us her husband passed away three years prior and she was left with 5 children to support. She moved back to northern Alberta to be closer to her immediate family but decided to keep her...
Why Bankruptcy Does NOT Stop Foreclosures In Canada
When facing a foreclosure, some will advise proceeding with filing for bankruptcy. However, you need to know that simply filing for bankruptcy will not stop nor remedy a foreclosure in Canada. This is because personal bankruptcy in Canada does not involve nor include...
Overcoming Deficiency Judgements
One of the most worrisome aspects of a foreclosure is the risk of a hefty deficiency judgment being handed down after a home has been already foreclosed on. What this means is that if the lender is successful in foreclosing on the property, and the value that they...
What does it mean if your mortgage is CMHC Insured?
The Canada Mortgage and Housing Corporation (CMHC) is a quasi-government organization that is responsible for insuring a large portion of high-ratio mortgage loans outstanding in Canada (around $500 billion worth). There are also two other private mortgage insurers in...
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Frequently Asked Questions
I'm facing a foreclosure, how can you help me?
Every situation is unique, however, our first step is to analyze your situation and look at options to halt the foreclosure action and stop the expensive legal fees from escalating. Our team of professionals and affiliates include many of the top real estate, legal, and financial experts in the province. We have the specialized knowledge on the process works and are able to work with you and your lender to find alternatives to having your house go into foreclosure, and subsequently and ruin your credit for years to come.
Our next step is to analyze the situation to see if there is a way that we can keep you in your home. We will review all possible financial restructuring options to neutralize or pay out your creditors. If there are no other options available we look to see how your situation will impact your financial future, and provide you with options and guidance through the foreclosure proceedings to help you to avoid any further judgments, get your financial outlook back on track, and move on with your life.
Should I consider filing for bankruptcy?
No, filing for bankruptcy is not the best solution to solving the problem. Firstly, secured debts such as mortgages are not eliminated through filing for bankruptcy and do not halt a foreclosure. Secondly, the long-term financial repercussions of a bankruptcy can often leave you in an even worse credit situation than the one you are currently in. You may feel that this may be the only option to you, but there are often more favorable solutions available than bankruptcy. We would have to look at the entire scope of your problem before determining the best plan of action.
What happens to my credit if I lose my house in the foreclosure?
This record could stay on your credit report for at least 7 years, limiting your chances of getting credit or another mortgage when you need it. Losing your home may be a worse case scenario, but your credit still can be saved. To provide you with all of your available options you will need to be put in touch with one of our consultants to assess your situation and provide you with your solution options.
I have missed payments in the past, and I am now receiving letters from the bank's lawyer. Can you help?
Yes. If you have fallen behind on payments and are trying to get back on track, we can help you with restructuring your payments and negotiating with your lender to get you back on the right path again. If needed we can pursue other solution paths to get you back where you need to be and give you the peace of mind you need.
What are the first steps I need to take?
In order to answer this question, we will need to review the particulars of your situation. There is very little we can do without the correct information. One of our consultants will assess your particular situation and require you to provide us with as much information as you can to assist us in providing the very best solution to meet your goals. As time is literally money in a foreclosure, the faster you provide us with this information, the better the outcome.
What documents would I need to provide you with?
In order for us to accurately and effectively find a solution to your current situation, we may request that you provide to us certain documentation pertaining to your foreclosure, your property, or your financial situation. To help you define which documents you may need, we have a documentation glossary listed here: https://abforeclosurestoppers.ca/documentation-glossary/
