Foreclosure

foreclosure lawyers; calgary lawyers; foreclosure; mortgage default

Calgary Foreclosure Lawyers

Foreclosure Lawyers In Calgary

Foreclosure lawyers have a unique position in the legal process. Kahane Law Office acts for people who are being foreclosed upon, as well as for lenders who are foreclosing. Our foreclosure lawyers cannot act on both sides during a foreclosure. In Calgary, Alberta call today 403-225-8810.

When Our Lawyers Foreclose Represent A Lender

When acting for a lender, our foreclosures lawyers try to balance two things. Firstly, our paramount interest is to recover the funds owing. While we always take directions from our client, our foreclosure team will always treat the debtor with respect. This maintains a positive reputation for the mortgage lender in the community.

The Steps To The Foreclosure Process

Many steps form part of the foreclosure process. The same steps require following no matter the type of property that secures the loan. In Alberta, the foreclosure process is governed by the Alberta Rules of Court. If you require more information on the specific steps taken during a foreclosure, we have outlined the process for foreclosures here.

Types Of Matters For Foreclosure Lawyers

As is the nature of the world, all types of money owed sometimes are not paid on time as required. Our foreclosure lawyers help with all sorts of foreclosure situations. For example, these include the following:

Real Estate Foreclosures

Our team acts in both residential foreclosures and commercial foreclosures. Many of our clients retain us after the first missed payment. Other clients will send their own notice letter and retain our foreclosure lawyers to send a demand letter prior to commencing an action.

Condominium Foreclosures

Condominium managements companies and condominium boards can both start a foreclosure action against a unit owner who has not paid condominium fees or special assessments. We can act for both to pursue payment. We can also act in situations where a condominium owner is extremely abusive, violent, destructive or offensive to force them to sell their unit. Read a blog post on this with respect to extremely disruptive condo owners.

Drafting And Reviewing Security Documents

The documents used to secure a loan make all the difference in a successful recovery of principal and interest. We are retained to both draft mortgages and review mortgages. There are times where a lender’s existing mortgage document does not fully protect them. In other cases, there are terms that are not valid and unenforceable. Our foreclosure lawyers can provide these services prior to a lender entering into a mortgage or as part of the collections process.

Dealing With Other Creditors In The Same Action

Often people owe money to a variety of lenders. First, second and even third mortgages secured to a specific piece of real estate require regular payments. If there is more than one secured party involved in a foreclosure action, there are differing strategies involved in dealing with mortgages with priority. We advise clients of their best course of action. We can also negotiate with other lenders as to best meet our client’s needs.

Foreclosing On Mortgages, Promissory Notes, Other Secure Debts

As long as lending instrument allows for foreclosure, we can act. Prior to lending funds, we encourage lenders to connect with our foreclosure lawyers to make sure that their investment is protected. Often a document that intends to secure a loan on title to a property, does not properly do so. In this case the lender becomes an unsecured lender. The enforcement process then carries more risk.

Types Of Lenders We Will Act For

Our team assists with all type of lenders, when those lenders face borrower non-payment. As long as the law or a contract allows, selling the property that security is registered against, is an option to collect money owed. While collecting on debts form a part of our regular practice areas, acting on foreclosures follows a different process as the debt is secured to the title of physical property.

  • Condominium corporations
  • Homeowner Associations
  • Registered banks
  • MICs (also known as mortgage investment corporations)
  • Private lending companies
  • Credit unions
  • Trust companies
  • Individual private lenders
  • RSP mortgage facilities
  • Lending groups

When Our Foreclosure Lawyers Act For A Borrower

We act for borrowers in default in many ways. While foreclosure lawyers cannot always help, some examples include:

  • Change address on land title to get proper notice of any foreclosure.
  • Delaying the redemption period so the borrower can stay in their home longer;
  • Allowing for time for a borrower to sell the property on their own;
  • Help people understand their rights once they have defaulted on their mortgage
  • Negotiate the amount owed when there is dispute about the arrears or principal;
  • Negotiate the terms of repayment of arrears so that a borrower can remain in their home and bring their mortgage current; and laslty
  • Negotiate with CHMC or Genworth when a borrower faces a lawsuit for a deficiency judgment.

Learn more about staying in your home longer but watching our video.

Retaining Calgary Based Foreclosure Lawyers

If you face foreclosure as a borrower, or have a borrower who is not paying their regular payments, Kahane Law offers help. Please note, due to the extreme conflict of interest, we may only act for a borrower or lender in a specific situation, not both. Do not hesitate to contact the experienced team at Kahane Law Office today to see how we can help in your foreclosure situation. We are located in Calgary, Alberta. Connect today at 403-225-8810 locally in Calgary, Alberta, we can be called toll-free at 1-877-225-8817 or email us directly here.