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...]
Double take on mortgages
Getting a mortgage to buy a home is a significant decision. Five things you should know about mortgages include lending terms, security for the mortgage, open vs. closed mortgages, and defaulting on the mortgage. AUTHOR'S NOTE Some of the following content is adapted from CPLEA’s Nested course. … [Read more...]
