For borrowers in Alberta facing foreclosure, it is important to know what type of mortgage they have. High ratio, insured mortgages require the borrower to pay a premium and the lender is protected against potential losses. Conventional mortgages, with a down payment of at least 20% of the value of the home, do not require insurance. This affects the foreclosure process, including the redemption period and whether a deficiency judgment can be granted against the borrower.
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