We understand that facing the possibility of mortgage foreclosure can be an incredibly challenging and emotional experience. Life throws unexpected challenges our way, and we want you to know that you’re not alone.

At DLC Mainstream Mortgages, we believe in the power of compassion and support during difficult times. If you or someone you know is navigating the tough journey of mortgage foreclosure, please reach out. We’re here to listen, to understand, and to offer guidance.

Our dedicated team is committed to helping you find solutions and navigate through these tough times. We’re not just about mortgages; we’re about building a community and supporting each other through thick and thin.

Every situation is unique, and we approach each case with care and empathy. It’s okay to ask for help, and it’s okay to share your concerns. Your well-being is our priority, and together, we can explore options that work for you.  You must address your lender’s notices immediately by calling us and we will do everything that we can to find a solution.

Here are the steps of foreclosure in Manitoba: This information is credited to Peter Sim of TDS LAW and the full article can be found here MORTGAGE FORECLOSURE PROCEEDINGS IN MANITOBA – PETER SIM

1. Once a mortgage has been in default for at least one month, the mortgagee may file a Notice Exercising Power of Sale (NEPS) in the Land Titles Office.
2. The mortgagee serves the NEPS by personal service on the mortgagor and all other persons having a registered interest in the land after the mortgage.
3. One month after service of the NEPS the mortgagee may apply to the Land Titles Office for an Order for Sale. This Order generally provides for sale by public auction, private contract, or both.
4. If the order is for sale by public auction, the mortgagee must advertise the auction in a local paper and send notice by mail to all parties served with the NEPS at least 14 days before the auction.
5. The auction will be subject to a reserve bid which must not exceed the amount of money secured by the mortgage plus costs of the sale.
6. If the property does not sell at auction the mortgagor may list the property for private sale. A Notice of intention to Sell by Private Contract must be served by mail to all parties served with the NEPS. The listing agreement and any offer to purchase the property must contain provisions making any sale of the property subject to approval by the District Registrar.
7. On the closing of a private sale, the offer to purchase, transfer documents, and supporting evidence must be submitted to the District Registrar for approval. The District Registrar will require one appraisal and one opinion of value for the property which must be dated or updated within two months of the agreement of sale. The parties providing the valuations must be independent of the mortgagor, the purchaser, any listing or selling agent, and each other. The purchase price must generally be at least 90 percent of the lowest estimate of value.
8. Once the mortgage has been in default for at least 6 months, and the property has been offered for sale at auction, the mortgagee may apply for a Final Notice to Redeem. This notice must be served on all parties who were served with the NEPS.
9. One month after the last service of the Final Notice to Redeem the mortgagee may apply for a Final Order of Foreclosure.
10. The mortgagee may register the Final Order of Foreclosure in the Land Titles office and transfer the title to the property to the name of the mortgagee. This will extinguish the covenants under the mortgage, including any guarantees of the mortgage debt. The mortgagee does not have to register the Final Order of Foreclosure and may choose to keep it on file and attempt to collect under the deficiency judgment. *

Remember, there’s strength in reaching out. You’re not alone in this journey and it is important to act quickly and get ahead of any court or legal proceedings.

Please don’t hesitate to contact us for a confidential discussion. We’re here to help, and we believe that together, we can find a path forward.