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Ian Watt Personal Real Estate Corporation - Sotheby's International Realty Canada

Blog by Ian Watt

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The Foreclosure Owner Has One Last Chance to Pay Off His Debt

Vancouver Condo Real Estate Video Blog #424 - October 15, 2009

The Foreclosure Owner Has One Last Chance to Pay Off His Debt

Ian Watt Video blogs about how the foreclosure owner has one last chance to pay off his debt and redeem his house, but the debt is a lot more than just the mortgage. If you want to voice your opinion or if you don't care for Ian's comments please email your feedback to ianwatt@ianwatt.ca and visit http://www.ianwatt.ca/RealEstateVideos for all the Ian Watt Real Estate Video Blogs.

Ian Watt: Hi Good Afternoon, It's Ian Watt in Downtown Vancouver. Regarding foreclosures and this is one thing they have to keep in mind. Anyone can come to the court and out bid the people but you have to remember that. the guy who is defaulted on his mortgage has that one last opportunity to redeem his property. He can pay everything off. He can pay off his mortgage that he owes, all his legal bills, and plus pay off any outstanding taxes and then. If the property goes back to them I don't get paid I didn't do my job but if it does sell then I get paid. It's kinda interesting situation but that's what's great about the laws in British Columbia. We allow these guys one last shot to pay off all their debts in most instances. My name is Ian Watt. If you have any questions regarding foreclosures you could always email me at ianwatt@ianwatt.ca. Thank you very much and have a great day!