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If the lender starts a foreclosure action Usually, this happens after you've missed three months of payments. But it can happen sooner. If there's a Supreme Court registry near where your home is located, the lender must start the proceedings there. You will receive a document called a petition for foreclosure.
Dear Sir/Madam, With utmost respect we, _____ and ____ husband/father/mother and wife/daughter (any relationship) respectively run a combined home loan account in your bank under the loan account number _____________. We now want to foreclose on our home loan, and we paid the outstanding loan amount of Rs.
You must draft the legal notice clearly and concisely with all the details of the loan, i.e., the amount borrowed, the repayment schedule, and the non-payment of the loan. The notice should also specify the consequences of non-payment, such as legal action.
How many late payments you can make before a foreclosure. There is no set number of missed mortgage payments before foreclosure in Canada.
When a borrower misses their third consecutive mortgage payment, the lender normally files a lawsuit with the court to start the foreclosure process (also known as going 90 days past due on their loan).