A change in financial circumstances can make it hard for a homeowner to make regular mortgage payments. Missed mortgage payments can result in a lender deciding to initiate the foreclosure process. What are Canadian homeowners to do when faced with foreclosure? Learn more about the foreclosure process and how to avoid it today.
What Is Foreclosure?
There are many who have never had to deal with the foreclosure process. Homeowners may want to know more about this legal process whereby the lender or a mortgagee assumes ownership of the property. This occurs when a borrower has defaulted on their mortgage.
When a borrower agrees…