Featured Listings
510 - 22577 ROYAL CRESCENT
$498,000
The Crest! BRAND NEW BUILDING! GST PAID. This is a gorgeous 2 Bed, 2 Bath , 2 balconies and has a spacious living & dining...
126, 2030 Marine Drive, North Vancouver. V7P1V7
1208 - 438 SEYMOUR Street
$768,000
Best location! Best investment property in Downtown Vancouver!! 2 bed 2 bath with a den total of 710 sq ft. Next to SFU, BCIT and...
RE/MAX Sabre Realty Group
What Is Foreclosure?
Foreclosure is the legal process by which a lender attempts to recover the amount owed on a defaulted loan by taking ownership of and selling the mortgaged property. Typically, default is triggered when a borrower misses a specific number of monthly payments, but it can also happen when the borrower fails to meet other terms in the mortgage document.
KEY TAKEAWAYS
- Foreclosure is a legal process that allows lenders to recover the amount owed on a defaulted loan by taking ownership of and selling the mortgaged property.
- The foreclosure process varies by state, but in general, lenders try to work with borrowers to get them caught up on payments and avoid foreclosure.
- The average number of days for the foreclosure process is 673; however, the timeline varies greatly by state.
- If you are behind on your mortgage due to a COVID-19-related financial hardship, you may be eligible to suspend payments for up to 12 months with no late fees.
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