The court has the authority to reduce the six-month period of redemption for payments owed on a mortgage. An Alberta property owner has that amount of time to bring the mortgage up to date before foreclosure proceedings begin. That time can be reduced if there is very little or no equity in the property.
A judge will look at several factors when reducing that time limit. Those can include whether the owner has the ability to pay, whether the property has been abandoned, how much the property is worth, what the mortgage entails and the earning capacity of the individual who owns the property. There is no redemption period when it comes to mortgages issued by corporations or those mandated by the National Housing Act.