Some homeowners may have to pay the lender the difference between what they owe on their house and how much the lender recovers during the foreclosure process. This is known as a deficiency judgment. When someone can no longer pay their mortgage, they risk losing their home through a legal … [Read more...]
High Ratio vs. Conventional Mortgages
How the Court deals with a home foreclosure depends on whether the mortgage is a high ratio, insured mortgage or a conventional mortgage where the borrower's down payment was at least 20% of the value of the home. If you are facing foreclosure in Alberta, it is important to know what type of … [Read more...]