I have an email from a house in the Okanagan in the past week. She and her husband have recently had to start foreclosure proceedings on their home because they missed some mortgage payments in financial difficulties and the bank. I was surprised to learn that the family was preparing to move, because they thought it would be to do the right thing.
A few days later, a homeowner from Campbell River has called to ask a question. It turned out that he left his houseYear and moved into a rental property, while the bank has found a buyer for the house only in recent weeks. We all have stories about how the owners of houses and apartments to hear from the United States from their base. But this is the right step for BC homeowners, facing foreclosure. Absolutely not!
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There are a lot of foreclosures in the media these days but most of the stories concern the United States. What is true in the United States or in other provinces of Canada in BC is often not true. Before taking anyfurther action, see this article and know the five major myths that simply are not true foreclosure in BC.
Myth # 1 - The Bank can be repeated up to my door and take my house
Truth: The foreclosure process in British Columbia, BC Supreme Court is controlled. This means that each stage of the foreclosure process must be approved by the Supreme Court. Nobody can just come and kick you because you missed a few mortgagePayments.
Myth # 2 - If I take off my property should be foreclosed on,
The truth: There are several reasons why you should stay in the property until it is actually sold or the foreclosure is stopped:
Yes, it is true that you do not pay the mortgage, but added the mortgage payments on their bills. In the future, we are called to account, to be returned. No point to go out and rent another place, is how to make payments twice. InIn fact, the bank has the ability to stay busy. Vacancy rates have accompanied major risks, insurance costs are higher. Free properties is often more difficult to sell. If you stay and reasonable efforts to make it look good final purchase price could be higher, the benefit directly.
Myth 3 - The owner can not sell his property to foreclosure when the proceedings began,
The truth: As long as you are able to sell areCan house and enough money to repay the loan to sell your home and stop the foreclosure process. The sooner you sell the house, the less you will have to pay legal fees.
Myth 4 - Does not work with the professionals hired by the bank or bank delays the foreclosure process.
The truth: Because the foreclosure process in BC is already very long, that is not cooperating minimal impact on the amount of time you have. On the other handCollaboration with the creditor, it has advantages: -
When it comes to sell the property, if you come from the broker to prepare the property for the demonstrations of support, the purchase price to be higher and lily can be both more money in your pocket, or at least to finish less debt. Sometimes the bank's attorney should ask the judge to order that they continue to help with the foreclosure issue. (For example, if you have run the show for a potential buyer, because the owner does not let you downof Realtors in). This leads to additional legal costs, brought to home.
Myth 5 - The Bank of attorney not to talk with me.
The truth: You'll be surprised how useful it could be the bank's attorney, if you answer legitimate and ask you to show a real interest in solving the problem.
Bottom line, BC in the foreclosure process is unique and as the owner BC home, they are protected by law. HaveI have some time to solve the problem and there is no risk to you from your home tomorrow. But please remember that it is in your best interest is to stop the foreclosure process in the shortest possible time. If you believe that you are treated unfairly by the creditor, it should be legal. Otherwise, your efforts to stop the foreclosure to find a reasonable solution to concentrate.
Disclaimer - The contents of this article is for informationPurposes. We speak of my experience as a homeowner and a visit to the court. I am not a lawyer. I focus on providing practical solutions that help homeowners to avoid BC or may stop the foreclosure.
5 Myths foreclosure that are not true in British Columbia
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