Difference between revisions of "The Bank Is Threatening Foreclosure on My Home"

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# Do '''not''' ignore the demand letter. You should either get legal advice right away or meet with the lender to see if you can arrange manageable payment terms.
# Do '''not''' ignore the demand letter. You should either get legal advice right away or meet with the lender to see if you can arrange manageable payment terms.
# If you can’t work things out with the lender, the lender will probably send you a copy of a BC Supreme Court '''Petition''' asking for an '''Order Nisi''' of foreclosure. An Order Nisi will state the amount still owing on the mortgage and establish a time period — usually 6 months, but sometimes shorter — during which you can '''redeem''', or pay off the mortgage. The lender may also ask for an order that your home be sold, and for an order that the lender will have '''conduct''' (control) of the sale.
# If you can’t work things out with the lender, the lender will probably send you a copy of a BC Supreme Court '''Petition''' asking for an '''Order Nisi''' of foreclosure. An Order Nisi will state the amount still owing on the mortgage and establish a time period — usually 6 months, but sometimes shorter — during which you can '''redeem''', or pay off the mortgage. The lender may also ask for an order that your home be sold, and for an order that the lender will have '''conduct''' (control) of the sale.
# If you receive a Petition of foreclosure, you must file an '''Appearance''' within 7 days, (indicating that you want to be given all court documents and may want to attend any court hearings), and deliver a '''Response''' to the Petitioner within 8 days of filing the Appearance, together with '''affidavits''' (sworn written statements) telling your side of the story.
# If you receive a petition of foreclosure, you must file an '''Appearance''' within 7 days, (indicating that you want to be given all court documents and may want to attend any court hearings), and deliver a '''Response''' to the Petitioner within 8 days of filing the Appearance, together with '''affidavits''' (sworn written statements) telling your side of the story.


<nowiki>[</nowiki>You can get a blank Appearance, Response and Affidavit at any Supreme Court Registry or most Service BC (Government Agent) Offices. Call Enquiry BC at 1-800-663-7867 for information on the one nearest you. Supreme Court forms are also available online at the [http://www.courts.gov.bc.ca Courts of BC website]. Click on Supreme Court, then Practice and Procedures, then Act, Rules and Forms. For information on what should go into an affidavit, see [[Legal Services Society]] Publications in Part 2 of this Guide, for a copy of the publication, “Can’t Pay Your Mortgage? What you can do if you’re facing foreclosure”.<nowiki>]</nowiki>
<nowiki>[</nowiki>You can get a blank Appearance, Response and Affidavit at any Supreme Court Registry or most Service BC (Government Agent) Offices. Call Enquiry BC at 1-800-663-7867 for information on the one nearest you. Supreme Court forms are also available online at the [http://www.courts.gov.bc.ca Courts of BC website]. Click on Supreme Court, then Practice and Procedures, then Act, Rules and Forms. For information on what should go into an affidavit, see [[Legal Services Society]] Publications in Part 2 of this Guide, for a copy of the publication, “Can’t Pay Your Mortgage? What you can do if you’re facing foreclosure”.<nowiki>]</nowiki>
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