Alberta’s mortgage lenders will need to prepare for significant changes to consumer protection legislation which are scheduled to come into force in January 2019. The A Better Deal For Consumers and Business Bill changed the name of Alberta’s Fair Trading Act to the Consumer Protection Act and introduces a number of significant changes that affect […]
Enforceability of administration fees and options when there is damage to mortgaged properties on possession
Several recent court decisions have provided clarity on areas of law of interest to lenders, including the enforceability of administration fees and options when there is damage to mortgaged properties on possession.
One of the most common reasons for a failure to make mortgage payments is the breakdown of a marriage or common-law relationship. Marriage and relationship issues come right after job losses on the top reasons why homeowners default on their mortgage.
Mortgage Lenders generally assume their mortgage security extends over all of the fixtures in a mortgaged home. That is not always the case. Notices of Security Interest (NOSI) are a way that other creditors can give notice that they claim a higher-priority interest over certain fixtures in a home. Mortgage Lenders need to be aware […]