No one becomes a homeowner expecting to eventually find him or herself facing foreclosure. Having your home taken away is one of the most stressful experiences that can be suffered in the modern world, one that it would be nice to think we'd have moved past by now. Unfortunately, it is still a very real threat for thousands of homeowners throughout Alberta and beyond. What's more, there are more things than simply failing to pay your mortgage that can initiate the foreclosure process.
One of the most common triggers for a foreclosure other than failing to make mortgage payments is to fail to pay the property taxes or even the condominium fees for a property. If a sizable enough debt is amassed through owed taxes or fees, the property itself can face foreclosure to make good on the debt. Likewise, if a homeowner does not insure his or her home, it may result in a foreclosure.
Many homeowners may not be aware that one of the ways that a foreclosure process may be triggered is if the property suffers significant damage. It is strange to think that the state of one's property could be a factor in a foreclosure process, but it is possible. While this process is lengthier, it generally involves the property falling into such a state of disrepair that the value of it is severely diminished against the value of the mortgage.
Foreclosures are a terrible prospect for any homeowner, but they do not have to be taken sitting down. The guidance of a qualified lawyer with experience in real estate and foreclosure can help you navigate this harsh time, and possibly help to avoid foreclosure if at all possible.
Source: Alberta Home Lending, "Foreclosure process in Alberta," Dave Fitzpatrick, accessed Oct. 18, 2016