If you own a Calgary home and you’re falling behind on your mortgage, or your lender has already started a foreclosure, you usually have more options than it feels like. The most important thing is to act early.
Three things to do this week
- Call your lender. Many lenders would rather work out a plan than go to court. The earlier you call, the more room there is.
- Talk to a lawyer. A real estate lawyer can tell you where your file stands, what the deadlines are and what each option will cost.
- Find out what your home is worth. If it’s worth more than you owe, you have equity to protect, and that changes the decision.
Selling it yourself vs. a court-ordered sale
| You sell it | Court-ordered sale | |
|---|---|---|
| Who sets the price | You, with your REALTOR® | The lender, with the court’s approval |
| Buyers’ offers | Can include normal conditions, so more buyers can offer | No conditions, so fewer buyers can offer |
| Negotiation | Counter-offers, like any sale | None. The court accepts or rejects offers |
| Costs | The usual costs of selling | Legal and court costs build up and come out of the sale |
| What’s left for you | Whatever remains after the mortgage and costs | Often less, after the extra costs and an as-is sale |
| Moving date | You choose it | Set by the court order |
In most cases you can still sell on the open market during a foreclosure, as long as the sale pays out the lender. Once a court has ordered the home sold, the rules change, so ask your lawyer where your file is.
How I can help
I’ve worked with Calgary foreclosures since 2002, for buyers and sellers. I’ll tell you honestly what your home would sell for and how quickly, using what similar homes and foreclosures have actually sold for, so you can decide with real numbers. The conversation is confidential and there’s no obligation. Call or text 403 831 0842.
Lenders, lawyers and receivers
If you need a REALTOR® for a court-ordered, lender-owned or receivership property in Calgary, I know the process: listing on the lender’s terms, vacant and as-is properties, offers for court approval and regular reporting.
This guide is general information, not legal or financial advice. Every situation is different: get advice from a lawyer about yours.