The foreclosure process in Saskatchewan is very similar to the process in the other Prairie       Provinces, as well as British Columbia. However, proceedings are handled by the Farmer and Farm       Land Security Board (FLSB) before proceeding to the court.       If the farmer defaults under the terms of the mortgage contract, the creditor is entitled to recover its       debt from the mortgaged land. The creditor must give a Notice of Intention to Foreclose to the farmer       and the FLSB prior to proceeding to court.       Upon receipt of notice, the FLSB reviews the financial affairs of the farmer and provides a report of       the review to Mediation Services. Mediation Services will attempt to mediate between the farmer and       the creditor. If this is not successful the Board must write a report to the court. This financial review,       mediation, and court reporting is allowed 150 days.       During this 150-day period, the lender and farmer may agree to a repayment schedule, which halts       the foreclosure process. If not, the Court usually grants consent for the lender to begin the       foreclosure action.       The foreclosure action begins with the lender filing the Statement of Claim with the Court, and serving       a copy to the Farmer and other mortgage holders. The farmer can file a statement of defense within       20 days of the claim, in which a trial takes place in Court to settle the claim. If the farmer does not       file a statement of defense, the Court grants the Order Nisi.       The Order Nisi can be for an Absolute Order of Foreclosure, or a Judicial Sale.       If the Order Nisi results in an Absolute Order of Foreclosure, there is usually a three to six month       redemption period, after which the Court usually grants the Absolute Order.       If a Judicial Sale is granted, there is also a three to six month redemption period after which a sale,       by public auction or through a Realtor, is held. If there is a successful sale, the lender applies for       a Court Approval of the Sale, and the funds are used to satisfy the original mortgage. If the sale is       not successful, the lender may apply for a Final Order of Foreclosure.       While ForeclosureCanada.org strives to keep the information on this site accurate and current,       ForeclosureCanada.org cannot guarantee the accuracy, completeness, or timeliness of the       information.       << Back                                                                                                                        Top