Calgary Foreclosures For Sale

An option given to lenders through an 'acceleration' clause in the mortgage or deed of trust requiring the borrower to pay the entire balance of the loan all at once if their loan is in default.

A sworn statement in writing usually given while under oath or in the presence of a notary.

The process in which a licensed or authorized person gives an estimate of property value.

The difference between the increased value of the property and the original value.

The transfer of property to be held in trust or to be used for the benefit of the creditors (lenders).

The offered amount for a property for sale at auction.

A document given to the winning bidder at a foreclosure sale stating their rights to the property once the borrowers redemption period has expired.

A title that is not burdened with defects.

A bid on behalf of the lender at a foreclosure sale. The bid amount must be less than or equal to the balance of the loan in default.

A judicial decision.

A signed document that transfers ownership of property from one party to another.

An instance where borrowers voluntarily convey their rights in a property to the lender.

A mortgage or deed of trust is said to be in default when the borrower fails to make the payments as agreed to in the original promissory note.

A personal judgment against the borrower for the remaining balance on the loan after a foreclosure sale.

The present right to possession with the right to acquire legal title once a preceding condition has been met.

The price a property would sell for on the open market.

The forced sale of property pledged as security for a debt that is in default.

Ownership of property free of all indebtedness.

A foreclosure that is processed by a court action.

A charge upon real or personal property for the satisfaction of a debt.

A recorded notice of pending lawsuit.

A written pledge of property that is used as security for the repayment of a loan.

The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust.

A notice giving specific information about the loan in default and the proceedings about to take place.