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→Summary of the law
Foreclosures and enforcement actions are the two main legal proceedings that creditors may bring against a home that a debtor owns. It is important to understand the differences between the proceedings.
=== ForeclosuresForeclosure===[[Mortgages and Foreclosure|ForeclosuresForeclosure]] are proceedings is a proceeding brought by creditors a creditor who have mortgages has a mortgage against the property. Usually, a person who borrows money to buy a house has to give a mortgage over the house as security for the creditor. If the borrower defaults, the creditor can bring a legal action to take the property and, at the same time, get a judgment for the money owed.
=== Enforcement actions action against land===Enforcement actions An enforcement action against land are proceedings is a proceeding brought by an unsecured creditors creditor who have has obtained judgments a judgment against a debtor. Unsecured creditors do not have mortgages as security. The creditor must first get a judgment, and then bring the enforcement action.
Under the [http://canlii.ca/t/858w Court Order Enforcement Exemption Regulation], a judgment debtor whose principal residence is located within the Metro Vancouver or Victoria areas may claim $12,000 equity that is exempt from seizure. Judgment debtors living outside these areas may claim an exemption of $9,000 equity in their principal residences.