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Foreclosures Repossessions and Sheriff Sales

Foreclosures Repossessions and Sheriff Sales

Here's a great listing of Canadian foreclosure properties:

Foreclosure Proceedings Across the Nation

In Canada, there are two main ways a lender can recover a mortgage debt when a borrower defaults: Judicial sale or power of sale. Judicial sale is a sale conducted under the supervision and authority of the court, where a lender must apply to the court to get the court�s permission to sell the property. Power of sale allows a lender to sell property without the involvement of the court. The lender has the right to sell the property from the mortgage document and/or provincial legislation which authorizes power if sale in that province.

Power of sale is used as the lender�s primary recovery method in Newfoundland, New Brunswick, Prince Edward Island, and Ontario. Whereas, Judicial sale has been adopted as the primary debt recovery vehicle in British Columbia, Alberta, Saskatchewan, Manitoba, and Quebec. In Nova Scotia, the primary recovery process is called �Mortgage Foreclosure�Eor �Mortgage Foreclosure and Sale,�Ebut is considered judicial, as the court is involved.

Judicial Sale vs. Power of Sale

The principal differences between power of sale and judicial sale are:

1. The extent of court involvement. There is virtually no court involvement in the power of sale provinces, while in judicial sale provinces, the court is extensively involved: Ordering that the property be sold; Confirming the sale procedure after it occurs, and; Hearing any application for a deficiency judgment.
2. The way in which the process is started. In power of sale provinces, sending a notice to the borrower and current owner of the property starts the process. In judicial sale provinces, a lawsuit against the borrower, and others who may be liable, starts the process.
3. The way in which a deficiency judgment is sought. In power of sale provinces, a lender seeking a deficiency judgment must start an action against the borrower after the property has been sold. In judicial sale provinces, the deficiency judgment action is started as part of the main action, or suing, of the borrower.

In Each Province �EJudicial Sale

Although six provinces primarily practice judicial sale procedures, the procedures vary from province to province. As noted above, the process in Nova Scotia is a mix of the two practices, and original to the province. To view detailed foreclosure proceedings in Nova Scotia, click here.

In Alberta and Manitoba, a foreclosure order from the court can only be requested after the mortgaged property was offered for sale at a public auction, that appropriate notice was given, and the highest bid was insufficient to extinguish the mortgage debt. To view detailed foreclosure proceedings in Alberta, click here, and for Manitoba, click here.

In British Columbia, the court approves the purchase price, terms of sale, and even the amount of commission to which a real estate agent is entitled. BC is also known as the province most concerned with protecting borrowers. To view detailed foreclosure proceedings in British Columbia, click here.

To view detailed foreclosure proceedings in Quebec, click here.

To view detailed foreclosure proceedings in Saskatchewan, click here.

In Each Province �EPower of Sale

Of the four provinces primarily practicing power of sale proceedings, only Ontario has accepted practice to list property for sale with a real estate broker. Lenders in Ontario may use power of sale or judicial sale procedures, but power of sale is used in 90%-99% of all foreclosures. It is preferred because it is usually speedier and lest costly than judicial sale. To view detailed foreclosure proceedings in Ontario, click here.

In Newfoundland, power of sale is used virtually exclusively because the Conveyancing Act governs it, while the Rules of The Supreme Court authorizes judicial sale. To view detailed foreclosure proceedings in Newfoundland, click here.

Prince Edward Island asked it�s court to clarify the law relating to foreclosure and sale in the province, but the court declined to provide clarification between the two practices. However, it noted the legal confusion that exists as a result of many different types of foreclosure proceedings, and concluded that the �time-honoured practice�Ein the province was to proceed under power of sale. To view detailed foreclosure proceedings in Prince Edward Island, click here.

In New Brunswick, judicial and power of sale existed, but judicial was not included in the Rules of Civil Procedure that was adopted in 1982, because the method was no longer used. Lenders in New Brunswick rely on power of sale, as provided for in the mortgage. To view detailed foreclosure proceedings in New Brunswick, click here.

To view detailed foreclosure proceedings for the North West Territories and Nunavut, click here.

To view detailed foreclosure proceedings for the Yukon Territories, click here.

U.S. Foreclosures:

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Foreclosures Online
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America's Resource for Foreclosures
FEDERAL REAL ESTATE SERVICES. America's Bank & Government Foreclosure
Resource. Bank & Government Foreclosures.

Interstate Foreclosures is your home for residential bank and ...
... Buying a Foreclosure. At Interstate Foreclosures.Com, you can review new properties
(updated weekly), make an offer online, and even sign up for free auction.

Bank Foreclosures-Government Foreclosures
Tuesday, June 05, 2001. ='CLICK Award44.gif (4955
bytes), Welcome to The Real Estate Library.

FORECLOSURES USA
... Welcome to Foreclosures USA! Click here to receive
our residential property report.

USA Foreclosures - Bank and Government Foreclosure Listings
... USA Foreclosures. PO Box 19002. New York, NY 10011. Complete Property
Information. Address, Price, Property Type & Contact Information.

Government foreclosures and Bank foreclosures Lists online, ...
Government Foreclosures, Seizures & Bank Owned Foreclosures.

Also see Government Surplus Property Disposal

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