When there is a mortgage in default in Alberta, the general practice by the lenders and lawyers is to prepare, research, and compile all the necessary documents required to proceed with the foreclosure in Alberta.
Alberta Foreclosure Process
If no arrangements have been breached between the lender and the property owner, an Alberta foreclosure action can be commenced.
The lender must determine the positions of all the parties who have direct or indirect interest in the property, such as the registered owners, guarantors, co-signers, creditors, lien-holders, judgments, and any other secondary mortgages/lenders.
All the plaintiffs in an Alberta foreclosure action must include those who are entitled to outstanding amounts under the mortgage, and those who have the ability to grant a valid discharge or transfer of the mortgage, if it should be redeemed. Such parties include: the assignees of the mortgage, personal representatives, and co-mortgages.
The defendants in Alberta foreclosure are those who have an interest in the equity of redemption and those who have the right to redeem the mortgage. It should be noted that it is not necessary to name as a defendant any party whose interest is not intended to extinguish or is affected by action.
The defendants may include: the registered owners of the property, co-mortgagors, the spouse of the mortgagor, trustee and bankruptcy of the mortgager, receiver or liquidator, guarantors, co-signers, and the transfer of the registered owners.
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The above information is provided as a guideline and is not intended to give a professional legal advice. Please consult a Real Estate lawyer for their opinion on your particular case
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