Foreclosure Canada
What is the statute of limitations on debt collection for property foreclosure in NS, Canada.?
If foreclosure has left a balance owing to the creditor, how long does that creditor have to recover the bad debt.
I’m not familiar with the laws of our sister country to the north – but foreclosure means that the bank or trustee gets the property back, so that it is NOT considered a Bad Debt. There are some ramifications with ownership of property, mainly tax issues – where interest was deducted from income tax statements – that make the returns invalid – and subject to recalculations. A foreclosure on a person Credit File affects their score – so that could remain on their record for 7 years, then fall off. Bad Debts on retail accounts are subject to collection agency attempts to collect for 7 years – but are very easy to dispute, as accurate bill of sales and account records are never forwarded to the agencies.
10956 Greenwood Drive – Court ordered sale/ Foreclosure – Mission West, BC, Canada
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