ABFS Consulting Advice & News Blog
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...
How Does a Foreclosure Affect Your Credit Score?
In a foreclosure, not only can you lose your home, but your credit rating can also be affected. The extent to which your beacon score will drop includes a number of variables. These variables include who the lender is, how much you have owing, whether your mortgage is...
Utilizing a Formal Payment Proposal to Stop a Foreclosure
We have another success story to share with you! We were able to help one of our clients avoid foreclosure by drafting a formal payments proposal which was then submitted to the bank’s lawyer for approval. The bank initially declined the offer but the court...