Foreclosure is scary to experience. Watch this video from Calgary Lawyer Jeff Kahane to learn the basics of your options when you are faced with foreclosure. While you may not want to experience it, if you do, it is important to learn your legal choices. Many people make decisions based on “TV law” and not Canadian law. This can be costly. Know the difference between a defense and filing a notice of motion so that you can be prepared. Many people have false beliefs on foreclosure and may not have had the risks and consequences of foreclosure explained to them properly when they entered into their mortgage agreement. If your mortgage is insured with CMHC or other mortgage insurance companies, they may be able to come after you for any shortfall (the amount of money not paid back tot eh bank on your loan after they sell your home in a foreclosure.). While you may be able to negotiate on amount, there are few defenses to this type of claim being made against you. If possible, it is always best to try to deal with your inability to pay your mortgage as soon as possible. Sometimes this may mean selling your home. Other times it may mean contacting your mortgage company and making short term arrangements or refinancing your property if your financial difficulties are of a short term nature. Should you fear that you will not be able to make a number of mortgage payments, please feel free to contact our office and we can give you more detailed information about your specific situation. Every mortgage, mortgage company and foreclosure is different and what your options are will vary depending on these and other factors. While you cannot always avoid foreclosure, you may be able to minimize its impact on you and your family. Our video can be found here:

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