One of the most common reasons for a failure to make mortgage payments is the breakdown of a marriage or common-law relationship. Marriage and relationship issues come right after job losses on the top reasons why homeowners default on their mortgage. More
Mortgage Lenders generally assume their mortgage security extends over all of the fixtures in a mortgaged home. That is not always the case. Notices of Security Interest (NOSI) are a way that other creditors can give notice that they claim a higher-priority interest over certain fixtures in a home. Mortgage Lenders need to be aware of when another Creditor may claim a competing priority over a fixture in a home.
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If you read news or watch house-hunting TV shows, you may hear about people buying houses at a great deal, “fire sale” price because they bought a house in foreclosure. While home buyers in other jurisdictions may be able to snag homes at rock-bottom prices, the situation in Alberta is more complicated. More
Don’t despair. There is assistance. The Land Titles Act was created to give borrowers a way out of mortgages registered for more than was advanced when you have asked the Bank/Lender to advance the further funds registered and they have refused.
This case confirmed that a Purchaser of property from a Court Ordered sale has liability for withholding 25% of sales proceeds pending clearance from Revenue Canada where a Defendant is a non-Canadian resident. More
In a decision from last fall, the Alberta Court of Appeal upheld a judge’s order that preferred a sale of a property in foreclosure over transferring title to the highest priority lender, where that sale generated surplus funds for other creditors. More
