Mod 10 Flashcards
Where is the Certificate of Lis Pendens filed?
Court of King’s Bench, and then the LTO
What is the purpose of a Certificate of Lis Pendens?
to notify anyone who searches for that property that it is being foreclosed
What doc needs to be prepared to file the Certificate of Lis Pendens?
Document Registration Request
What is the purpose of a Preservation Order?
If the property has been abandoned, it gives the mortgagee the right to access the property maintain and manage it
What docs will be prepared if a Preservation Order is required?
-Ex Parte Application
-Affidavit
-Draft Preservation Order
What is the purpose of a Redemption Order?
to be able to sell the property and use the sale proceeds to pay off the mortgage
What circumstances would warrant a Redemption Order?
-the property isn’t abandoned
-there is equity in the property (the property is worth more than the mortgage debt)
What docs need to be prepared to obtain a Redemption Order?
-Notice of Application
-Draft Redemption Order
What circumstances is a Final Order for Foreclosure applied for?
-the property cannot be sold
-there is little or no equity in the property
-the property is abandoned
What is the purpose of a Final Order for Foreclosure?
gives the mortgagee ownership of the property and eliminates the debt
What 6 docs will need to be filed and served to obtain a Final Order for Foreclosure?
-Notice of Application
-Final Affidavit of Default
-Affidavit of Realtor/Affidavit of Posting
-Affidavit of Search
-Affidavit of Service of Notice of Application
-Draft Final Order for Foreclosure
What’s the difference between a regular mortgage and a CMHC mortgage?
a CMHC mortgage is given to mortgagors who put down less than 20%. CMHC mortgage allows the mortgagee to legally go after the mortgagors if the sale of the real property does not satisfy the debt
