Canadian Foreclosure Process, a professional Canadian Real Estate investor should have a well understanding regarding to Foreclosure process in Canada.
Not only property owner, but also Lender consider the word “foreclosure” as their nightmares. Regardless which cycle the market is going through, it happens all the time, although the numbers do tend to go up during the real estate bust cycle.
Foreclosure is a legal action that a money-lender can take if the person who borrowed money using a mortgage stops paying back that mortgage. Foreclosure allows the lender to take or sell that person’s house by first getting a Court’s permission to do so.