Foreclosure Redemption Period Alberta

The redemption period is the time set by the Court after granting an Order Nisi. Under section 42 of the Law of Property Act, it states that in the case of urban lands the period of redemption shall be 6 months from the date of the granting of the Order Nisi. The Court, however, does have the authority to reduce this period of redemption.

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Statement of Defence in Alberta Foreclosure

In the Alberta foreclosure process, once a Statement of Claim has been filed and served to all the parties, the property owner has 15 days to file a Statement of Defense or a Demand of Notice. Generally speaking, a Statement of Defense should be filed when the liability of the property owner is in dispute.

On the other hand, a Demand of Notice would be more appropriate when the only thing in dispute is the amount of the mortgage. Since a Demand of Notice can represent an admission of liability, the property owner should only file the Demand after careful consideration of the situation and the possible consequences.

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