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Difference between revisions of "Mortgages and Foreclosure"
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Mortgages and Foreclosure (view source)
Revision as of 12:54, 12 October 2018
, 12:54, 12 October 2018→The foreclosure process
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The first hearing is usually held in Supreme Court Chambers — a special, more informal setting of the Supreme Court, where the evidence is presented through affidavits, rather than oral testimony of witnesses. The first hearing is sometimes referred to as an application for an “'''order nisi'''”, which is the main order in foreclosure proceedings. The first hearing is usually held within three weeks to a month of when the petition was served on the borrowers, and is likely to be over in a matter of minutes unless the foreclosure is contested. | The first hearing is usually held in Supreme Court Chambers — a special, more informal setting of the Supreme Court, where the evidence is presented through affidavits, rather than oral testimony of witnesses. The first hearing is sometimes referred to as an application for an “'''order nisi'''”, which is the main order in foreclosure proceedings. The first hearing is usually held within three weeks to a month of when the petition was served on the borrowers, and is likely to be over in a matter of minutes unless the foreclosure is contested. | ||
At the first hearing, the lender asks for a number of court orders, including judgment against the borrowers, legal costs, and an order setting the length of time that the borrowers have to come up with enough money to at least pay the arrears. That period of time is called the “'''redemption period'''”. Under very historic principles of equity law, as well as under [https://www.canlii.org/en/bc/laws/stat/rsbc-1996-c-253/latest/rsbc-1996-c-253.html#sec16_smooth section 16(2)] of the ''Law and Equity Act, that redemption period must be six months unless a shorter or longer period is justified. Increasingly, lenders are applying for and courts are granting shortened redemption periods, particularly in cases | At the first hearing, the lender asks for a number of court orders, including judgment against the borrowers, legal costs, and an order setting the length of time that the borrowers have to come up with enough money to at least pay the arrears. That period of time is called the “'''redemption period'''”. Under very historic principles of equity law, as well as under [https://www.canlii.org/en/bc/laws/stat/rsbc-1996-c-253/latest/rsbc-1996-c-253.html#sec16_smooth section 16(2)] of the ''Law and Equity Act'', that redemption period must be six months unless a shorter or longer period is justified. Increasingly, lenders are applying for and courts are granting shortened redemption periods, particularly in cases where the debtor has little or no equity in the property. | ||
The courts will almost always set a very short redemption period if the debtor has abandoned the property, or the debtor is “wasting” (that is, destroying) the property. | The courts will almost always set a very short redemption period if the debtor has abandoned the property, or the debtor is “wasting” (that is, destroying) the property. | ||
