For homeowners · Know your options
Behind on your mortgage? You have more options than you think.
Missing payments is stressful, but in BC a foreclosure takes months and the court protects your right to catch up or sell. Here's what happens next and what you can do, in plain language.
Confidential · No obligation · We'll never contact your lender without your permission.
You're not alone, and you have time
It's a process, not an overnight event
BC foreclosures go through the Supreme Court, usually with a six-month redemption period after the first court order.
You stay in control until the court says otherwise
Until a sale is approved by the court, you can catch up, refinance, or sell on your own terms.
Acting early protects you
Every month adds interest, legal costs and fees, and they come out of your equity.
How a foreclosure works in BC
- 1
Missed payments and a demand letter
Your lender asks you to catch up. - 2
Petition filed
You have 21 days to respond in court. - 3
Order nisi
The court sets the amount owing and a redemption period, usually 6 months. - 4
Conduct of sale
The court can let the lender sell your home. - 5
Court-approved sale
The court approves the price, debts are paid, and anything left goes to you.
The earlier you act, the more choices you have.
Your options, side by side
Talk to your lender
When it can work
You can catch up if given some time.
What to know
Many lenders prefer a payment plan to going to court. Ask early, and get any agreement in writing.
Refinance
When it can work
You have equity and some income.
What to know
An alternative or private lender may help. Compare fees and rates carefully.
Sell on your own terms
When it can work
You have equity, or want to limit losses.
What to know
Usually the best way to protect your equity and credit.
Let the court process run
When it can work
There's little or no equity.
What to know
Costs are usually higher, and you can still owe the shortfall after the sale.
Consumer proposal or bankruptcy
When it can work
You have other debts beyond the mortgage.
What to know
Speak with a Licensed Insolvency Trustee first. The first meeting is free.
Why selling early often protects you
| Sell early | Court-ordered sale 10 months later | |
|---|---|---|
| Sale price | $650,000 | $630,000 (sold as is) |
| Interest and fees added | ~$15,000 | ~$50,000 |
| Lender and court legal costs | Minimal | $10,000+ |
| Equity left for you | More | Less, or none |
Illustrative only. Your numbers depend on your mortgage, your home and the market.
- You choose the price, timing and presentation, and the sale doesn't carry the "court-ordered" label.
- You can plan your move on your own schedule.
- Lenders usually cooperate with a well-priced sale because it gets them repaid faster. Your lawyer can ask them to pause or slow the court process while your home is listed.
Get independent help first
Before you decide anything, talk to people whose only job is to help you.
Credit Counselling Society
Free, confidential budgeting and debt help from a BC non-profit.
Lawyer Referral Service (Access Pro Bono)
A 30-minute consultation with a lawyer for $25.
Licensed Insolvency Trustees
If you have debts beyond your mortgage. First meetings are free.
BC Mental Health Support Line
24/7, free. If it all feels like too much, someone is there.
We're REALTORS®, not lawyers or financial advisors. Please get independent legal and financial advice before making any decision.
If selling turns out to be your best option
We can help you do it with dignity.
- A free, confidential home value estimate
- An honest look at what you'd net after the mortgage and costs
- A quiet, respectful sale, including private showings and no sign if you prefer
- We'll work with your lawyer and, with your permission, keep your lender updated
Prefer to write? Send us a note anytime.
Common questions
This page is general information about BC foreclosures, not legal or financial advice. John McMahon and Kaila Klassen are REALTORS® with Royal LePage Kelowna. Every situation is different. Please speak with a lawyer about yours.