If you’ve gotten a foreclosure statement of claim and want to know what the heck is going on, keep reading.
Basically, a foreclosure statement of claim is a document that has to be filed by a lender to start the process of foreclosure.
Once a lender has begun the foreclosure process in Alberta, owners receive a foreclosure statement of claim that is filed with the Court of Queen’s Bench. This lets the party know that action has been taken by the lender to secure the title and reclaim the home. Because lawyers handle this paperwork, the borrower is likely to be held liable for additional costs from here on out during a foreclosure.
If you’ve received a statement of claim, don’t wait. Time is definitely of the essence, and you should take action.
Here are a few key steps you should take:
1) Stay calm and don’t panic.
This may sound obvious, but it’s probably the most important. Anyone in foreclosure is dealing with a lot of stress beyond just the property. These situations don’t happen overnight, and they take a while to solve. You’ll get through it by practicing good coping techniques and taking good care of yourself and your family. Panic leads to bad decisions, so stay cool.
2) Educate yourself.
Learn everything you can about the foreclosure process in your state so that you know what’s happening and what’s coming up next.
3) Gather your resources.
There’s also many non-profit and government resources available out there. You’ll want good legal and tax advice along the way. Definitely don’t try to do it all yourself. This stuff is super complicated with lots of rules.
4) Learn your options.
We’re here to help you avoid foreclosure. We buy houses with cash. We can help you with short sales and even rent-back situations so you (potentially) may be able to keep living in your home. There are many more options than you think.
The banks involved don’t want your property. They want money, and what you say matters a lot. You can slow down or stop the foreclosure process if you take the appropriate action.
Want to know more?