When a mortgagee has obtained final foreclosure and disposed of the property, can the mortgagor recover a deficiency?
Saskatchewan, Canada
The following excerpt is from Schiebelbein v. Fischer, 1988 CanLII 5013 (SK QB):
In Bissonette, Vancise, J.A., restated the common law principle recited in Lockhart v. Hardy (1846), 9 Reav. 349; 50 C.R. 378 (Rolls Ct.), that where a mortgagee has obtained final foreclosure and has disposed of the property and is therefore no longer in a position to allow the mortgagor to redeem, no action lies to recover a deficiency.
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