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Canadian Law > Foreclosure
The following information is about Foreclosure.
Foreclosure Defined
The technical meaning of the word is to wipe out a right of redemption on a property. Generally, this is what happens when someone does not pay their mortgage. Even though there has been no payments, the borrower retains a equitable right of redemption if, some day, he or she were able to find the money and try to exercise their right of redemption. To clear the title of this potential, a lender goes to court, demonstrates the default, requests that a date be set where the entire amount becomes payable after which, in the absence of payment, the lender is automatically relieved of the requirement to redeem the property back to the borrower; the debtor's right of redemption is said to be forever barred and foreclosed. This cancels all rights a borrower would have in the property and the property then belongs entirely to the lender, who is then free to possess or sell the property. The word is frequently used to generally refer to the lender's actions of repossessing and selling a property for default in mortgage payments.
This definition is in context to Canadian Law. See more contextual defintions for Foreclosure.
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Off-site Foreclosure Links, User Submitted
The following links have been collected through user bookmark submission in the Foreclosure category. Please note, because these resources are off-site we cannot guarantee the accuracy or quality of any information.
Sat Jul 4
- Foreclosure Listings, Free Foreclosure Listings, Foreclosed Homes
- Calculated Risk: LA Times: 'Another wave of foreclosures'
- Foreclosure Investing the Smart Way: With the number of foreclosures rapidly growing, foreclosure investing the smart way can mean money in the bank if you have a game plan. Buying a home at a reduced price is always music to an investor' s ears, but there are a number of factors to consider.
- Stopping Foreclosure Made Easy
- Letter from Ben Bernanke to Barney Frank on Home Ownership Preservation
- Should Biden Share Blame for Foreclosure Crisis? - ABC News
- Kevin & Gail O'Grady - Diamond Sun: Luxury Homes Specialists and Real Estate Strategists - get into our Property Buyer/Seller Network!
- Short Sale Versus Foreclosure - a knol by SCHomes inc
- CL&P Blog: Nationalize the Banks, Modify the Mortgages: Writing down mortgages will not necessarily weaken bank capital. In fact in all likelihood it will improve the value of bank assets. This is because the market is currently discounting the value of mortgage-backe d securities far more than necessary, if the mortgages can be properly restructured instead of massively foreclosed. Current market values for securities are based on the assumption that the past six months will be repeated over the next six months, i.e. that defaults and losses on mortgages will not improve, indeed that they will likely worsen as home values continue to decline. Putting an end to wasteful foreclosures, and restoring cash flows from every homeowner who can manage a reduced payment on a reduced balance, will improve delinquency rates, reduce foreclosures, and relieve the downward pressure on home prices. Servicers are not writing down mortgages now in part because they are waiting to see whether the Administration will bail them out,
- Pa. programs pay for success | Philadelphia Inquirer | 04/01/2009: The economic-stimu lus legislation passed last month authorizes an additional $2 billion for the Neighborhood Stabilization Program. First established by stimulus legislation last year, the stabilization program provides funds to states and municipalities for the purchase, redevelopment, and resale of abandoned and foreclosed homes. Unfortunately, though, states and cities with expansive programs to prevent foreclosures - such as Pennsylvania and Philadelphia - are not permitted to use the funds for those efforts.
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