When Sunset Ridge homeowners find themselves unable to make their monthly mortgage payments, they may have to begin the foreclosure process. Foreclosure is a process existing in both the United States and Canada, and ultimately results in a person losing possession of their home. There are different rules for foreclosure in Canada, so it's important for Canadian homeowners to understand how the foreclosure process works in the country.
For informational purposes only. Always consult with an attorney, tax, or financial advisor before proceeding with any real estate transaction.
How Does the Foreclosure Process Work in Canada?
The term foreclosure refers to the legal process a lender can begin if a borrower, or homeowner, fails to make monthly…