When buying a foreclosure, be prepared for surprises, says Vancouver realtor Russ Macnab. The holder of a mortgage without this clause has only two options: either to wait until all of the payments come due or convince a court to compel a sale of some parts of the property in lieu of the past due payments. In the judicial foreclosure process, the lender files a complaint that declares its intent to take legal action against the borrower.
Since banks aren’t in the business of owning real estate, they do everything they can to ensure that these homes are sold quickly. You may be able to avoid foreclosure by negotiating a new repayment plan or refinancing that works better for you. We looked at dozens of homes and she helped us all the way to finalizing our home purchase.

Your agent may recommend contingencies that will allow you to back out …



