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Calgary Foreclosures

100% FREE Calgary MLS® Foreclosure Home Search Tool with No Obligation!

A foreclose is a legal course of action by which a mortgagee (the lender), or another lien holder attains a court ordered termination of a mortgagor’s (borrowers) equitable right of redemption. A lender will often obtain security from the borrower who mortgages an asset like a house to secure the loan. If the mortgagor (borrower) defaults on the loan and the lender attempts to repossess the home, courts of equity can allow the borrower the equitable right of redemption if the borrower repays the debt.

While the equitable right exists, the lender of the loan cannot be certain that it can successfully repossess the home, thus the mortgagee (lender) requests to foreclose the equitable right of redemption.

If the mortgagor (borrower) fails to meet the terms of the mortgage loan, usually by way of default in payment of a promissory note, secured by a lien on the property, the mortgagee (lender) may repossess and sell the real estate. The mortgage holder can usually begin foreclosure at a specific time specified in the mortgage documents.

When the legal progression is complete, the mortgagee can liquidate the property and retain the proceeds to pay off its mortgage and any associated legal costs. When this process is ongoing it is usually said that “the lender has foreclosed its mortgage or lien.”

When you’re ready to begin a search of foreclosures in Calgary look no further than the Calgary Property Professionals free Calgary Foreclosure Listings Search Tool.

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