There was a time where you could hand in your house keys to the bank in the event your mortgage was valued higher than the home and you could no longer afford the financial obligations of homeownership. In some circumstances and in some jurisdictions this still remains true, but we now live in a more complex world with increased rules and this practice has pretty much disappeared. For the most part, lenders understand that you may wish to have your house foreclosed on by them but they still push it through the court system, as a standard foreclosure would. Not knowing what position you are in can cost you thousands of dollars in extra legal fees and reduced home value.
We’re here to help you navigate the foreclosure process in Alberta. Feel free to contact us if you have any questions.
