Foreclosure Process - From the Mortgagee Perspective


Inspired Forum Member
REIN Member
Mar 5, 2008
Vancouver Island
Have you ever had to foreclose on a property in which you were the mortgagee?
Curious to hear about others experience in this. How long did it take, how much did it cost, did you reach the desired outcome, etc?
Any advice you have about this process?

TIA and greatly appreciated, Christine

Michel Lafleur

Frequent Forum Member
REIN Member
Apr 30, 2015
I haven't done this personally. I would suggest contacting the lawyer you used to register that mortgage. They should be able to explain the foreclosure process.
What province are you in?
Does your mortgage have first priority, and are there any other liens on the title?


Senior Forum Member
REIN Member
It takes about 3-6 months before it heads to court. Then 2-6 month depending on how much resistance is put up or if effort is made to clean up arrears by borrower. Then usually a judicial listing is ordered, via court appointed realtor. That might be another 2-6 months. Then two things happen
A) asset is sold, and then lender may start an enforcement of the personal guarantee if there is one, if asset sales yields insufficient money. Or,
B) order nisi if offers too low or no offers. This means the asset gets assigned to lender, who may then clean it up, fix it, enhance it and tries to sell it again.

Sent from my iPad using myREINspace


Senior Forum Member
REIN Member
Oct 24, 2007
depends a lot on the province you're in as well as how much equity the owner has, as that typically sets the redemption period. If they have decent equity that's 6 months in AB for example, and it will take you an additional 2-3 months to work through the court system get to there. After you get the order to sell you need to sell it, have the new buyer close etc. Legal fees all along the way, but the interest clock should still be running but you could be looking at a year start to finish. This is where you need a good equity position.
Likes: ThomasBeyer