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Difference between revisions of "Enforcing Judgments Against Land"
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Enforcing Judgments Against Land (view source)
Revision as of 16:25, 12 October 2018
, 16:25, 12 October 2018→Summary of the law
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Foreclosures and enforcement actions are the two main legal proceedings that creditors may bring against a home that a debtor owns. It is important to understand the differences between the proceedings. | Foreclosures and enforcement actions are the two main legal proceedings that creditors may bring against a home that a debtor owns. It is important to understand the differences between the proceedings. | ||
=== | === Foreclosure=== | ||
[[Mortgages and Foreclosure| | [[Mortgages and Foreclosure|Foreclosure]] is a proceeding brought by a creditor who has a mortgage against the property. Usually, a person who borrows money to buy a house has to give a mortgage over the house as security for the creditor. If the borrower defaults, the creditor can bring a legal action to take the property and, at the same time, get a judgment for the money owed. | ||
=== Enforcement | === Enforcement action against land=== | ||
An enforcement action against land is a proceeding brought by an unsecured creditor who has obtained a judgment against a debtor. Unsecured creditors do not have mortgages as security. The creditor must first get a judgment, and then bring the enforcement action. | |||
Under the [http://canlii.ca/t/858w Court Order Enforcement Exemption Regulation], a judgment debtor whose principal residence is located within the Metro Vancouver or Victoria areas may claim $12,000 equity that is exempt from seizure. Judgment debtors living outside these areas may claim an exemption of $9,000 equity in their principal residences. | Under the [http://canlii.ca/t/858w Court Order Enforcement Exemption Regulation], a judgment debtor whose principal residence is located within the Metro Vancouver or Victoria areas may claim $12,000 equity that is exempt from seizure. Judgment debtors living outside these areas may claim an exemption of $9,000 equity in their principal residences. | ||
