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 […]
If you read news or watch house-hunting TV shows, you may hear about people buying houses at a great deal, “fire sale” price because they bought a house in foreclosure. While home buyers in other jurisdictions may be able to snag homes at rock-bottom prices, the situation in Alberta is more complicated.