Foreclosure
When a borrower defaults on their mortgage, foreclosure can result. Foreclosure is a procedure by which the mortgagee (lender) goes to court to ask for a set period of time in which the mortgagor (borrower) can redeem their debt (pay the mortgagee back). A redemption period of usually six months is set at the initial stage in the proceedings in the Order Nisi. The court may also grant conduct of sale to the mortgagee or a second or third mortgagee if there is significant risk that the debt will not be recovered (if there is not a lot of equity in the property). In the redemption period a borrower will often refinance or sell their property and in this way pay the mortgagee back the money they borrowed. However, if the mortgagee is unable to pay the mortgagee back the debt in the redemption period, the court may order a sale of the property or may grant an Order Absolute in which case the mortgagee receives the title to the property and the mortgagor loses their property.
Failure to respond to a foreclosure proceeding in a timely manner can have devastating consequences. We represent mortgagees and mortgagors; we will represent individuals and businesses. We will work with you to try to resolve your dispute out of court or if this is not possible to bring or defend foreclosure proceedings.
