Foreclosure

===Canada (Alberta)===
In [[Alberta]], [[Canada]], there are three steps to foreclosure. First, the owner is behind in mortgage payments but still retains full control of the property. Then, the owner is still on title but has lost control of the property to the Court of Queens Bench of Alberta. Last, the legal title has been transferred by the courts to the banks.

The entire foreclosure process in Alberta can take a year or longer. The original owners try to sell over the value to solve their financial problems. The courts favour the owners over the banks and so rarely sell under value. The banks have the money and so never sell under value.

Foreclosures are also sold as is with no recourse for buyers if something goes wrong. That makes foreclosures generally overpriced and risky.
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