What To Do When You Get A Foreclosure Notice

Real Estate Sales Representative with Robert W May - Lethbridge Real Estate

What To Do When You Get a Foreclosure Notice


     If you are a Lethbridge homeowner and you have been served a notice of foreclosure, you are probably scared and wondering what to do.  Let me help by giving you some direction.


The Bank does not want to repossess your house!


     A notice of foreclosure is served upon an Alberta homeowner typically after they have fallen behind on their mortgage payments for more than 90 days and have not been in communication with their bank or mortgage company.   Typically if you miss 1 payment, they will try to contact you by phone.  They will usually follow that up with a letter sent by regular mail.  They will try hard to contact you and to understand why you missed your payment and try to resolve and catch up your payments.  They do not want to repossess your house, they lose money when they do.  Only as a last resort will they hand the file over to their lawyers and initiate foreclosure on you.


     Once they start the foreclosure process you will be billed all legal fees and expenses that they incur.  100% of these fees will be added onto the outstanding amount you owe to the bank, and the lawyers doing the foreclosure will be certain to charge you full price.   This means that longer the process, the more letters they send you, the more times they contact you, the more times they have to go to court, the more money you will owe. 


It is strongly in your best financial interest to deal with this immediately!  Don't delay. 


     Every day you do not deal with your foreclosure it is likely costing you an average of an extra $100/day.  Can you imagine how fast that will add up if you don't deal with this quickly.


So What Do You Do?  Contact me ASAP.


     I will contact and speak to your lender.  I will contact and speak to the lender's lawyer.  I will help you attend court and help to reduce or delay your costs.  I will help you find a solution. Edmonton, Calgary, Lethbridge, or other cities, I can help you determine the best solution.


     Sometimes that solution is to let the bank foreclose.  Sometimes that solution is to refinance the house.  Sometimes that solution is to sell the house and pay off the debt.  Depending on your situation, there might be an ideal solution.  Not acting on this immediately i NOT a solution.


If you live in Alberta and have been served a Foreclosure Notice, Call me right now!

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lethbridge real estate

lethbridge realtor

Robert W May is a Real Estate Broker in Lethbridge Alberta, having now been in the industry for over 23 years. . He was also a licensed Lethbridge mortgage broker and financing expert with Canada First Mortgage of Calgary Alberta for the past 10 years.  He is an industry leader always willing to help train and educate others in how to improve their business models for financial and personal benefit.



Comments (2)

Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo and Home Specialists

Nice way to get this message out to Lethbridge homeowners...

Jun 13, 2016 12:39 AM
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Hard to believe that notices like this still exist, we are about 4% below the top of the market in 2008....Endre

Jun 14, 2016 04:09 PM
Robert May

parts of my province are entirely economicly dependant on the price of oil, as a result, the low oil prices trickle down to unemployed workers.  It is not as bad as the market was a 5 years ago, but still a few people having financial trouble.  Thanks for the comment!

Jun 14, 2016 04:15 PM