Edmonton Foreclosure Guide: Solutions for Alberta Homeowners Facing Foreclosure

Avoiding Foreclosure in Alberta: What You Need to Know

If you’re facing foreclosure in Alberta, understanding the process can help you navigate this challenging time:

Timeline and Process

• Foreclosure typically begins after 2-3 missed mortgage payments

• Your lender must send a formal demand letter before legal action

• After receiving the Statement of Claim, you have 20 days to respond

• If no response, a court may grant an Order for Foreclosure • The entire process usually takes 3-8 months.

Your Options

• Reinstatement: Pay the missed payments plus fees to stop the process

• Negotiation: Work with your lender on a payment plan

• Sale: Sell your home before the foreclosure completes (potentially as a “Sale in Lieu”)

• Redemption: You have a redemption period to catch up on payments before losing ownership

• Voluntary surrender: Hand over property to lender (Judicial Sale)

Alberta Specifics

• Alberta follows judicial foreclosure rules requiring court approval

• Deficiency judgments are limited under the Law of Property Act

• Foreclosure extinguishes most junior liens on the property

• Lenders can pursue either foreclosure or judicial sale.

Where to Get Help

• Alberta Lawyer Referral Service: Free 30-minute legal consultation

• Resolution and Court Administration Services: Mediation support

• Financial counseling through Credit Counselling Society

• Provincial emergency financial assistance programs • Local housing agencies and legal aid services

Act quickly, explore all options, and seek professional advice. While foreclosure is serious, you have legal rights and multiple pathways to potentially resolve the situation or transition with minimal damage to your credit and financial future.

Want To Learn How To Stop Foreclosure Now?

So, are you in foreclosure and want to learn how to stop foreclosure now?  We’ve created free online guides to help homeowners just like you find out your options on getting out of the sticky situation you’re in right now.

You aren’t the first person to go through a foreclosure… and won’t be the last.  So don’t feel ashamed. It happens.

The best thing you can do right now is to educate yourself on your options.  For some people selling your home is the best option (we’ll make a fair all-cash offer on your house today, just let us know about your situation here <<), sometimes we’re able to help homeowners STOP FORECLOSURE completely, and sometimes there are other options.  So, click one of the buttons above to get your free foreclosure guide.