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Hey Readers! I’ve been comin across some crazy stuff the past few days from a few different blogs around the web which I just had to share with you. Check em out below…

Nick Martell — 1932-2010

A former Vancouver resident, Martell had lived the last 15 years in Hines. He was a veteran of the United States Navy during Korean War from 1951-1955, …   Read More…

Jack McDowell, Lee Smith to appear at Nat Bailey Stadium this season

Presented by the BC Sports Hall of Fame, another superstar, Lee Smith, will be at the park on Monday, Aug. 30. One of the most intimidating closers in …   Read More…

County foreclosure rate down 9.1%

… with Windermere Real Estate/Stellar Group in Vancouver. He has seen fewer bank-owned foreclosures in Clark County and more homes listed as short sales, …   Read More…
That’s all the news for today guys, so until next time, thanks for stopping by.

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Ok so 3 more posts today that I’ve dug up – I’m an information JUNKIE on this stuff lately. Give em a browse and let me know what ya reckon. They’re just from a few different sites I’ve been surfing lately that are generally good for information like this…

Homes for Sale in Rosebury Lane, Surrey, British Columbia $385000

2200.00 sq. ft. Homes for sale in Rosebury Lane Surrey, British Columbia. For sale at $385000.0000 CAD. 6465 184A Street, Rosebury Lane.

Homes for Sale in Georgia Park, Campbell River, British Columbia …

2900.00 sq. ft. Homes for sale in Georgia Park Campbell River, British Columbia. For sale at $389900.0000 CAD. 725 Bowen Drive, Georgia Park MLS 296135.

Homes for Sale in Deep Cove, North Saanich, British Columbia $799999

2375.00 sq. ft. Homes for sale in Deep Cove North Saanich, British Columbia. For sale at $799999.0000 CAD. 475 Norris Road, Deep Cove.

Hope you enjoy the read as much as I did and please if you have something to say, use the comments form below to let everyone know your thoughts.

Have a great day!

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The foreclosure process in British Columbia is controlled by the BC Supreme Court.

By no means can the lender simply show up at your door step and take possession of the property if you stop to pay the mortgage. Understanding the foreclosure process will help you know what to expect. The most important thing you have to know as a home owner is that you do have some time to fix the problem. But that it is in your best interest to stop the foreclosure process as quick as possible. If you feel that you are being treated unfairly by the lender, you should get legal advice. Otherwise, you should focus your efforts on stopping the foreclosure by finding a reasonable solution.

Following are the main steps of the foreclosure process in British Columbia:

• If you stop paying the mortgage, you will initially get a letter from the bank or maybe even a phone call. The bank is making sure this is not a simple error or some sort of mistake and is giving you a little while to fix the problem.
• After 2~3 months you will receive a letter from the bank asking you to pay the arrears in full before a certain date and informing you that a lawyer will be hired to start foreclosure proceedings if you do not.
• If you do not pay the arrears as required, the lender will ask a lawyer to start the foreclosure proceedings. You will receive a letter from the lawyer demanding you to either pay the full amount owing on the mortgage or only the arrears. You will be given a deadline after which the foreclosure process will start.
• The first step in the foreclosure process is for the lawyer to file a document named “foreclosure petition“. Within few days after the petition is filed in the court you will be served with a copy.
• About a month later there will be the first hearing in the court. At the hearing the judge will give the lender an “order nisi”, and in most cases, it will also give you time to “redeem” the mortgage by paying the full amount you owe, plus interest, costs and taxes. This time is called the “redemption period” and it is usually 6 months. But, sometimes the lender will ask the court for a shorter redemption period.
• Following the redemption period the lender may choose to have the property listed for sale by the court or seek an “Absolute Order of Foreclosure” from the court.
• In the case of the property being listed for sale by the court, the court approves the sale of the property. If the sale does not generate sufficient money to pay the petitioner in full, the petitioner can then seek a deficiency judgment from the court against the borrower.
• In the case where an Absolute Order of Foreclosure is granted the petitioner becomes the new registered owner of the property and all other respondents are removed from the title. Once this order has been given by the court, no further action can be taken against the borrower, These Absolute Orders of Foreclosure take place only if the property value equals or exceeds the debt, and the borrower has no assets to apply toward any deficiency.

This article was written by Michelle Castillo, a BC foreclosure expert providing BC homeowners with information and creative solutions to stop foreclosure. To get FREE consultation visit http://www.foreclosurehelpbc.com today.

Article Source:

http://EzineArticles.com/?expert=Michelle_Castillo

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