Deal of the Week: Edmonton House for under $150,000

This move-in ready home has:

-paved back lane with single garage,

-two bedrooms,

-large kitchen,

-living room,

-100AMP service,

-newer hotwater tank,

-stacked washer/dryer &

-some newer windows, make this cozy bungalow a great buy at:

$149,000

Whether you are looking for an investment property or a starter home, this is the one.

See more information in the link below:

Property Information on 11848 53 Street

Advertisement

Subscribe on the left to receive your FREE Foreclosure Report

Your email will be held secure and only used for our licenced Associates to send out your report. You will not be asked for personal information, phone number or address, and you can unsubscribe to at any time. This service is completely free, and includes the assistance of an industry professional guiding you step-by-step in the purchase of your new property.

Gain the knowledge to make the right decisions, get your FREE Report now.

Foreclosure Process in Alberta

The foreclosure process in Alberta usually comes about when the owner defaults the mortgage. There are a lot of reasons why this can come about. The most common cause why this happens is when the mortgage debtor fails to pay off the financial obligations that he/she has towards the mortgage lender. This may be because they are unable or even unwilling to do so. The foreclosure process is as follows:

1)      Financial obligation is not met by the borrower.

2)      Mortgage lender gives a demand letter to the borrower, giving the borrower enough time to pay off the mortgage. However, if the borrower has missed three months of payment on the mortgage the lender can submit a petition under the Court of Queen’s Bench to foreclose on the property.

3)      The court then goes out an ‘Order Nisi,’ which gives the borrower a redemption period of six months to pay off the mortgage.

4)      Unlike other foreclosed property auction processes, the foreclosure process in Alberta has the court as the one who decides how much and to whom the property will be sold to.

5)      After the redemption period has concluded and the mortgage has not been paid off, the court is able to tender the land for sale at any time and place, in any way and at any charge that the court considers appropriate.

6)      If the foreclosed party (borrower) is unable to pay off all the financial obligations after the aforementioned redemption period, then the mortgage lender will be able to foreclose on the property and list it under the MLS Realtor.

7)      Once this is done, the foreclosed property is then available to be ‘auctioned’ to the public.

8)      Once the property is sold, the funds received will be used to pay the debt owed to the mortgage lender, while he/she will be able to keep any left over amount that is garnered after all the appropriate fees has been paid off. Compared to many jurisdictions, the foreclosure process in Alberta is considered a fair method that will end up benefiting all the parties involved. The borrower, the mortgage lender, and the buyer.

Be informed and work with a professional.