Here’s an outstanding overview of the foreclosure process in Canada by Andre Mayer of Bankrate.com, via www.canadianmortgagenews.com.
Point’s of note:
- When a lender liquidates a foreclosed property, "it is the lender’s responsibility to the court to make sure the best possible price for the property is obtained."
- "The mortgage broker [may be] in a position where he can help the homeowners by refinancing, or bringing in equity with secondary financing or consolidating their debts."
