Question:

Does a foreclosure always go through the courts?

by Guest780  |  6 years, 7 month(s) ago

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Does a foreclosure always go through the courts?

 Tags: courts, foreclosure

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  1. Guest781

     Not necessarily. Usually, if the landlord commits a default under the mortgage, the bank will attempt to contact the landlord to remind the landlord of their obligation under the mortgage. Sometimes the landlord and the bank will be able to work something out between themselves (for example, an alternative pay schedule), and then the landlord will remain the owner of the property.

    Sometimes the bank and the landlord will not be able to work out a way for the landlord to remain the owner of the property. In this case, the owner and the bank may decide to proceed with a Quit Claim, or a Consent Order.

    You can find more information in the Foreclosure for Landlords and Tenants in Alberta booklet.

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