Recently, there have been a couple of interesting articles about foreclosures in the media. Vancouver foreclosures can be a great opportunity in today’s real estate market. As a result of the current economic climate, they are also on the rise offering options to the patient buyer.
The law on foreclosures is different in each province. They range from being heavily in the lenders favour (Ontario), to being more protective of the borrower (Saskatchewan). The article uses an example of a West Vancouver businessman who is currently three years behind on payments of his $5-million mortgage…and still living in his house.
BC law is somewhere in between the two extremes of Ontario and Saskatchewan when it comes to foreclosures. In Vancouver, it means that when a lender attempts to foreclose on your property the courts will give you time to try and repay. The result is that it could take over a year for a home to be foreclosed upon from the time the process was initiated.
You can read the full article here.
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Copyright © 2009 Vancouver Foreclosures in the Vancouver Realtor Blog by Sebastian Albrecht, Vancouver Realtor with Royal LePage Vancouver ”How Vancouver Foreclosures Differ from the Rest of Canada”
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