Received the following question from a tenant of a property in foreclosure: I’m renting an apartment in Vancouver and I’ve just received ‘petition to the court’. It seems that my landlord has not been paying the mortgage on the place we’re renting. What do we need to do? Should we find a new place to …
Complicated foreclosure case in the Okanagan
I was not going to write about this case because it is so complicated, really hard to explain. But, after I received this beautiful thank you letter yesterday I could no longer resist. This is what email said: “I am writing this email about Michelle Castillo from Modern Home Solutions. I want to thank you …
The bank’s realtor called me today, what should I do?
Today I have received a phone call from M. , he owns a house in the Fraser valley area. The house value is $200,000 at best and he owes about $270,000. The mortgage has not been paid for 6 months and the foreclosure proceedings have been going on for a while. The bank already received …
The bank’s realtor called me today, what should I do?Read More
Filing an Appearance
As of July 2010 the BC Supreme Court has eliminated the “Appearance Notice” is the BC Foreclosure Proceedings and replaced it with the submission of a “Petition Response Notice“. The first step you have to take after receiving the petition is to file an Appearance. We find that many home owners are so confused by …
Is Selling Your Best Option?
Often the best remedy to get out of the foreclosure spiral is to sell your home. If you decide to pursue a stop foreclosure sale make sure you are smart about it since time is limited. By selling early you reduce the legal costs and interest you have to pay. You will be able to …
Get a new mortgage from another lender
You can pay off your whole mortgage with one lender by getting another mortgage from another lender.The new mortgage has to be big enough to pay the other mortgage plus any costs that you owe. Note: If there are other mortgages and/or judgments registered against the property, refinancing may not be practical. You may not …
Stop your foreclosure with a lease purchase
Lease Purchase is essentially a rental agreement combined with a purchase agreement with pre-negotiated terms. During the term of the lease, the tenant/buyer has the option to purchase your property at anytime. The sales price, length of the term and rental payments, etc. are all determined in advance. Our objective is for one of our …
What happens when your home is sold
After the initial court hearing at which an Order for Conduct of Sale is made, there must be a second hearing to confirm the terms of the sale. The order made at the second hearing is called an Order Approving Sale. If you’ve filed a Response to the Petition, you are entitled to receive a …