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The word foreclosure means “to deprive a borrower [in default] of the right to redeem the mortgaged property.” In British Columbia, the foreclosure process it is a Judicial Sale.
It is also an extinguishment. In legal terms, this means to pay off and satisfy in full, or to nullify. In a sense, a foreclosure is like a divorce proceeding, where the borrower and the lender become divorced under the mortgage terms. All of the foreclosures in British Columbia are subject to Judicial Sale proceedings. The lender can apply to the British Columbia Supreme Court for a judicial sale, also known as Court-ordered sale, which will then be carried out under strict Court orders.
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