Lintott Law
Advising On Real Estate And Foreclosure Law In Calgary
Areas & Topics

Remedies to prevent foreclosure are available

Homeowners in Alberta who experience financial difficulty may fear loss of their homes. They may want to revisit their loan documents to see what the consequences of payment failures may be. Gaining knowledge of the province's foreclosure laws and the timeframes may be beneficial. Some individuals are nervous about opening mail from their lenders during difficult times, but these notices may include valuable information about options to prevent foreclosure. Taking early action may enable a homeowner to reinstate the loan.

Remedies are available, and exploring the options may help. It may make sense for the owner to obtain professional assistance to negotiate with the mortgage lender. An advisor can also help with drafting a workable budget by which spending can be limited and prioritised. If optional expenses such as cable TV, entertainment and gym memberships can be eliminated, maintaining health care costs and mortgage payments may be possible.

Another option may be to evaluate the necessity for certain assets such as a second vehicle, valuable pieces of jewelry or other items that may yield some cash if sold. A second job may also help because any additional income can contribute toward preventing foreclosure. However, a debt relief company that promises foreclosure preventions may be best avoided -- many are scams and even those that are not charge high fees for something that the homeowner may be able to achieve by direct negotiations with creditors.

Facing imminent foreclosure is a stressful experience, and obtaining the support and guidance of an experienced real estate lawyer can be invaluable. Such an attorney can assess the homeowner's circumstances and explain the possible remedies. An Alberta lawyer can provide answers to foreclosure questions, along with the information required to allow the client to make informed decisions.

Source: FindLaw, "10 Tips to Avoid Foreclosure", Accessed on Nov. 18, 2016

No Comments

Leave a comment
Comment Information


Lintott Law
2913 Centre St N.W.
Calgary, AB T2E 2V9

Phone: 403-879-1613
Phone: 403-520-2288
Fax: 403-230-3477
Calgary Law Office Map