In Calgary, a homeowner can face foreclosure if they fail to make timely payments. It is a challenging process, both legally and emotionally, so you st understand its different phases to tackle it. You need to act fast. Otherwise, the lender will take steps to reclaim the house, list it for sale, and recover the owed amount. So, here we have a complete guide on foreclosure and the probable questions you might ask. What Constitutes a Mortgage Default? A property will be declared foreclosed only when a mortgage defaults, which typically arises if the borrower fails to keep up with the payment as mentioned in the repayment agreement. Other than…