Foreclosure Claims and Defences
PMR Can Guide You Through the Process
Pittman MacIsaac & Roy has represented a national bank and Alberta based lenders for many years as foreclosure and debt collection counsel. The firm has commented in various professional journals and trade journals on legal issues in foreclosures and debt collections. Shaun T. MacIsaac, K.C., and Shawna Nahal are the go-to advisors in this area of the law.
PMR Law provides legal services to financial and lending institutions relating to the recovery and sale of commercial or residential property. We assist clients with:
- Collecting debts
- Litigating foreclosure actions
- Assisting in the judicial sale of property
Navigating the Foreclosure Process
The Foreclosure process consists of a legal action commenced by a court document called a Statement of Claim. The actions are usually not defended, but often counsel file a Demand of Notice so that they are made aware of the process. The foreclosure action then goes quickly where there is no equity in the property. It is slower where the lender does not face a potential loss upon sale of the real estate asset. The strategy for the lender is to recover all of the amount lent plus costs. The borrower often needs time to sell or refinance to stop the process. We provide an experienced group of advisors that can guide you through your best options, and tell you what to expect in time for useful responses to be provided.
PMR Law Strategy
The solution for the lender is to act quickly in a straightforward manner to deal with the asset and give the borrower time only when the ability to be fully paid out with interest is protected. Delays can place a loan in a situation where incomplete recovery is made.
The path forward for a borrower is to work with a purchaser or lender to solve or secure the current situation in the background. Competing appraisals are often needed to stop a lender from a court ordered sale for less than the market value.
Our firm’s extensive history in providing guidance to lenders and borrowers allows our lawyers to develop clear, concise and effective strategies to deal with problem loans. Our services result in quick and accurate solutions for our clients.
Get Started Today
Schedule a consultation with PMR Law by calling Shaun T. MacIsaac K.C. at 403-457-9600 or by email at stm@pmrlaw.ca or contact Shawna Nahal at (403) 457-9603 or by email at sn@pmrlaw.ca.