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The mortgage foreclosure process in Canada If you miss too many mortgage payments for an extended period, your mortgage lender can sue you. If the court rules in their favour, they'll be able to gain control of the title to your property, meaning they now legally own your home.
In a non-judicial foreclosure, after the 20-day "right to reinstate" period has expired and at least 21 days before the sale, the servicer must provider the borrower with a Notice of Sale, letting them know the date and earliest time of the sale.
This is basically a document telling you that the lender will foreclose on your property if you do not take action to stop it. Ignoring it will only lead to further legal trouble, and it could prevent you from being able to negotiate with the lender to find a solution that allows you to keep your home.
Technically, a property in Washington D.C. could be foreclosed in about 30 days. However, the typical period for foreclosure is usually closer to 45-60 days.
If the owner in default does not pay off the default within a certain time frame, the trustee can schedule a public sale of the property. Foreclosures in California are primarily administered out of court, although court foreclosures are allowed. Out-of-court foreclosures take about four months.
Notice of Default ? Foreclosure starts when your lender records a Notice of Default against your property with the Registrar Recorder's office. The Notice of Default tells you the total amount you owe including missed payments and foreclosure fees.
One way to find such a property is to contact a realtor who works in the area where you wish to purchase a foreclosure home. Real estate agents know the market and can potentially tell you if there are any foreclosure properties available in the market.