{"id":918,"date":"2020-01-08T16:42:51","date_gmt":"2020-01-09T00:42:51","guid":{"rendered":"http:\/\/schenklaw.ca\/?p=918"},"modified":"2020-01-09T16:55:41","modified_gmt":"2020-01-10T00:55:41","slug":"mortgage-foreclosure-redemption-period","status":"publish","type":"post","link":"https:\/\/schenklaw.ca\/?p=918","title":{"rendered":"Mortgage Foreclosure Redemption Period"},"content":{"rendered":"<p>Source: <em><a href=\"https:\/\/www.canlii.org\/en\/bc\/bcca\/doc\/2019\/2019bcca73\/2019bcca73.html?searchUrlHash=AAAAAQAKcmVkZW1wdGlvbgAAAAAB&amp;resultIndex=8\">2019 BCCA 73 (CanLII) | CanLII<\/a><\/em><\/p>\n<p>Any confusion about how to look at redemption period applications has been laid to rest by the BC Court of Appeal:<\/p>\n<blockquote><p>[26]        The test for an extension of the redemption period has been long established and is set out in Canada Permanent Mortgage Corp. v. Dan-Al Construction Co., [1982] B.C.J. No. 2339:<\/p>\n<p>[12]      The Chambers Judge stated those tests accurately: that there must be a reasonable prospect of payment, and that the property must have sufficient value by way of security, for the amount outstanding.<\/p>\n<p>[27]        In looking to the prospect of repayment, the Court will look to the evidence and not rely upon speculation as to what may be possible.<\/p>\n<p>[28]        There is no dispute that there is sufficient value in the property to protect the first mortgagee, indeed the judge speaks of a potential windfall to the first mortgagee in the event the order absolute is granted. What has been in issue is the criterion that there be a reasonable prospect of payment in order to attract an extension of the redemption period. This is sometimes explained in terms of needing at least a plan, but it remains to the judge, considering all that is known to the court, to assess the viability of the proposal for payment advanced.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Source: 2019 BCCA 73 (CanLII) | CanLII Any confusion about how to look at redemption period applications has been laid to rest by the BC Court of Appeal: [26] The test for an extension of the redemption period has been long established and is set out in Canada Permanent Mortgage Corp. v. Dan-Al Construction Co., [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-918","post","type-post","status-publish","format-standard","hentry","category-litigation"],"_links":{"self":[{"href":"https:\/\/schenklaw.ca\/index.php?rest_route=\/wp\/v2\/posts\/918","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/schenklaw.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/schenklaw.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/schenklaw.ca\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/schenklaw.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=918"}],"version-history":[{"count":0,"href":"https:\/\/schenklaw.ca\/index.php?rest_route=\/wp\/v2\/posts\/918\/revisions"}],"wp:attachment":[{"href":"https:\/\/schenklaw.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=918"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/schenklaw.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=918"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/schenklaw.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=918"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}