Overdue mortgage
An overdue mortgage is a mortgage on which payments are in arrears, putting the borrower in default. Default typically allows the lender to demand payment of the whole balance and, if the default is not cured, to start foreclosure proceedings.
How BC law treats it
In BC, foreclosure is a court proceeding in the Supreme Court. The court usually grants a redemption period, commonly six months for residential property, may order a sale approved by the court, and the lender may also sue on the personal covenant for any shortfall.
What it means for your business
Contact the lender early; arrears are often easier to resolve before a formal demand and petition are issued.
Risks and common mistakes
Ignoring a foreclosure petition can lead to an order for sale and a personal judgment for any deficiency.
For the full explanation, see our entry on Foreclosure.
General information about British Columbia and Canadian law, current to October 2026. It is not legal advice.
