Calgary Foreclosures - Bank Owned
In Calgary, foreclosure is the legal process by which a mortgagee, or other lien holder, usually a lender, obtains a termination of a mortgagor's equitable right of redemption, either by court order or by operation of law (after following a specific statutory procedure). Usually the bank or lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower defaults and the lender tries to repossess the Calgary property, courts of equity can grant the borrower the equitable right of redemption if the borrower repays the debt.
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