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."

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Last modified: October 15, 2006