The Foreclosure Process
In most cases, the foreclosure process in BC, as I understand it is as follows:
- Following a default (i.e.: missed mortgage payments), the homeowner is given notice to pay arrears in full before a certain deadline, or a lawyer will be hired to start the foreclosure process.
- The lawyer will then file a "foreclosure petition”.
- About a month after the petition, there will be the 1st hearing at the BC Supreme Court. At the hearing, the judge will give the lender an “order nisi”, which in most cases will give the homeowner approximately 6 months to pay the full amount of the mortgage owed, plus interest, costs, and taxes. This is known as the “redemption period”.
- Once the “redemption period” has ended, the lender becomes the registered owner of the property and will typically hire a REALTOR® place the home for sale.