All posts by Navtaj Chandhoke

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Navtaj Chandhoke
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Pre-Foreclosure Strategies for Professional Real Estate Investors

Pre-Foreclosure Strategies for
professional real estate investors
to avoid Canadian mortgage foreclosure
are very important information.

Are you behind in mortgage payments?
Have you received a notice from your
Bank or lender asking you to bring
arrears up to date.

• Acknowledge the letters from
your Bank or lender!
• Ask your Bank for help
immediately!
• Banks or lender can offer
you multiple options
Canadian mortgage options available
Consider every solution that may
alleviate the temporary financial burden.

Some simple but common options Pre-Foreclosure Strategies for
professional real estate investors that can be considered are:
• Capitalized Arrears
• Increased Amortization Period
• Partial or Shared Payment Plan
• Deferred Payments
• Skip a payment plan

If you are behind mortgage payment

1. Start seeking the solution
for the problem.
The further behind you become, the
harder it will be to reinstate your
loan and the more likely that you
will lose your house.

2. Contact your Bank or lender
and mortgage broker as soon as you
realize that you are behind mortgage
payments. They may have options to help
property owner through difficult financial
times.

3. Respond to all mail from your
Bank or their lawyers.
The first notices you receive will offer
good information about foreclosure prevention
options that can help you weather financial
problems. Later mail may include important
notice of pending legal action.

4. Know your rights as mortgagor
check your mortgage documents so you
know what your Bank or mortgagee may do
if you can’t make your payments. Learn
about the foreclosure laws and time frames
in your province
.
5. Prioritize your expenses
Keeping your house should be your first
priority. Review your finances and see
where you can cut spending in order to make
your mortgage payment. Look for optional
expenses-cable TV, memberships, entertainment-
that you can eliminate. Make minimum payments
on credit cards and other “unsecured” debt
until you have paid your mortgage.

6. Use your assets to leverage
Do you have assets-a second car, jewellery,
a whole life insurance policy-that you can
sell for cash to help reinstate your loan?
Even if these efforts don’t significantly increase
your available cash or your income, they
demonstrate to your Bank or mortgagee that
you are willing to make sacrifices to keep
your home.

Understanding the Foreclosure Process

Canadian home owners have rights to redemption.
Always seek the advice of Canadian real estate
lawyer. Banks and mortgage brokers can assist.

Genworth Financial Canada’s Homeowner
Assistance Program

Genworth Financial Canada’s Homeowner
Assistance Program is designed to help
homeowners who are experiencing temporary
financial difficulties, which may put their
mortgage at risk. This could be the result
of an unexpected life event, such as a serious
illness, marital separation, or loss of employment.
If your customer has a Genworth-insured mortgage,
they can take advantage of our Homeowner Assistance
Program at no extra cost. This program enables you
to work in partnership with us to establish
alternative arrangements to help your customers
stay secure in their home when times get tough.
http://genworth.ca/en/homebuyers/homeowner-assistance.aspx

How Genworth Financial can help

Genworth has a dedicated team of Homeowner
Assistance Specialists who are trained in
identifying the best workout solutions for you
and your customers. We have a number of options
that may help your customers keep their home when
faced with hardship.
Situations that qualify under the program
There are a variety of situations that may
affect a homeowner’s ability to make their
mortgage payments. Some common situations include:

• job loss or reduced income
• marital separation
• unexpected illness or disability
• Property needs emergency repair
• Death or disease

CMHC Default Mortgage info

https://www.cmhc-schl.gc.ca/en/hoficlincl/moloin/moloin_025.cfm

Canadian Wholesale Real Estate Apprenticeship

Learn from the Canadian real estate experts with over 30 years of experience. During this exciting and action-packed Canadian Wholesale Real Estate Apprenticeship, Canadian real estate investors will learn how to buy properties at huge discount.These properties can then be held as positive cash flow rentals, or in some cases, flipped for an immediate cash profit!

Real Estate Apprenticeship

Continue reading Canadian Wholesale Real Estate Apprenticeship

Mortgage penalties by Canadian Banks

Mortgage penalties by Canadian Banks

 

Mortgage penalties by Canadian banks are day light robberies.

It’s easy to get caught in the posted mortgage rate trap at the big Canadian banks.

No, you won’t have to pay the posted rate on your next mortgage. Pretty much nobody does that any more. The real danger is that posted rates will be used to calculate the penalty if you ever have to break your mortgage, probably costing you thousands of extra dollars from all Canadian banks.

Continue reading Mortgage penalties by Canadian Banks

Ontario Seniors get 10K Tax Credit for Renovations

Ontario Seniors get 10K Tax Credit for Renovations

Ontario Senior $1500 renovation tax incentive

Healthy Homes Renovation Tax Credit

  Ten thousand dollars in Tax credit will be available for Ontario seniors to renovate and improve accessibility. The Ontario government bill passed in the minority legislature by a vote of 68 to 36.

This was promised to seniors in Ontario by Premier McGuinty during the election campaign. “The tax credit is worth up to $10,000 in eligible home renovation expenses and $1,500 each year, or 15 per cent” Navtaj Chandhoke, founder of World Wealth Builders, a Canadian Real Estate investment training educational and mentoring center in Toronto, Ontario.

The wheelchair ramps, elevators, non-slip bathroom flooring, hands-free taps, automatic garage door owners and motion-activated lighting qualify for this tax credit including grab bars, walk-in bathtubs, Home security and housekeeping, regular house repairs and wheelchairs/

walkers services are not covered under the Healthy Homes Renovation Tax Credit.  Navtaj Chandhoke, founder of Professional Real Estate Investors Group (PREIG) Canada says It can be claimed by Ontario senior homeowners, tenants and people who share a home with a relative who’s a Ontario senior. Continue reading Ontario Seniors get 10K Tax Credit for Renovations

Mortgage Investment Corporation (MIC) – Part II

Mortgage Investment Corporation (MIC) – Part II

 

Further to our previous article, we like to explain more details as follows:

Can a shareholder borrow money from Mortgage Investment Corporation (MIC)?

Now, this is a tricky question. We would like to explain it to you as follows:
1)    Yes you can borrow money from the Mortgage Investment Corporation (MIC), provided that you have purchased your shares in the form of hard cash, subject to all the qualifications, rules, and regulations set up by the corporation
2)    No, you cannot borrow money if you have purchased your shares of the Mortgage Investment Corporation (MIC) inside of your Registered Retirement Savings Plan (RRSP), Registered Retirement Income Funds (RRIF), or Registered Education Savings Plan (RESP), because of the Income Tax Act.

Continue reading Mortgage Investment Corporation (MIC) – Part II

Meth Labs Busted

Meth Labs Busted in Canada

Goldmine or nightmare for Canadian Real Estate Investors

 

Meth Labs Busted, Methamphetamine is among the most increasingly common used drugs in current’s society.  Meth is known to be a very powerful illegal drug. This sort of drug causes major health issues not only while using it, but also when producing it.

Continue reading Meth Labs Busted

Real Estate Investors Email Consent

Real Estate Investors Email Consent

Real Estate Investors Email Consent is requested 

 

 

 

Real Estate Investors Email Consent is requested

At Canadian Wealth Builders, we believe in sharing our knowledge and connecting with our clients, friends and centers of influence on a regular basis. We want to make sure that you continue receiving information that is relevant to you. In accordance with Canada’s Anti-Spam Legislation, effective July 1, 2014, we are seeking your consent to stay connected with you through electronic communications.

Continue reading Real Estate Investors Email Consent

Canadian Advance Real Estate Investment Coaching / Mentoring

Canadian Advance Real Estate

 

Investment Coaching / Mentoring

 

 

Advance Real Estate Investment Coaching
Advance Real Estate Investment Coaching

Advance Real Estate Investment Coaching provided by WorldWealthBuilders.com can do so much more than just kickstart your Canadian real Estate Investments. They can also help you through every stage of your growth. WorldWealthBuilders.com’s Advance Real Estate Investment Coaching provides you with a dedicated success coach who works with you on a monthly basis to develop specific sales and marketing strategies for your growing business.

Continue reading Canadian Advance Real Estate Investment Coaching / Mentoring

Credit Repair Solutions

Credit Repair Solutions

Since almost every consumer have different circumstances and issues, most of these issues appear in the credit reports and effect the credit score, our Credit Repair Solutions can be personal approach, customized for each individual.

Credit Repair Solutions

 

Credit Report
A credit report is a detailed report of your credit
history and is kept by at least one of Canada’s
credit-reporting agencies.

Credit Score
Your credit score is an up-to-date rating of your
financial health. It shows lenders the level of
risk if they lend you money.

Credit Rating

A credit rating is a rating of each
of your credit history items on a scale of 1 to 9.
These ratings are made by credit-reporting agencies.

Request your credit report

You can get your credit report for free.
This allows you to see your credit rating and gives
you a chance to correct any mistakes on the report.
Correct a mistake on a credit report
Your credit information can be kept by more than
one credit reporting agency. Since these agencies
do not always share information, it’s important
for you to check all of your credit reports carefully.
If you find an error in your credit report, you can
take steps to have the error corrected.

Improve your credit score

If your credit score is not as high as you think it
should be, check the information in your credit report.
If the report is correct, read it carefully to find
out what might be bringing down your score.
You can then work to improve your credit score.

Credit Repair Solutions

 

Get Free Credit Repair Advice from Your Bank or Mortgage Broker

The lender at your bank is a good person to ask about
your credit rating. You might have applied for a loan
and been turned down. Don’t be embarrassed, but use
it as an opportunity to learn what you can do to get
your finances back on track. When a lender declines
you for a loan, line of credit, overdraft, or something
else you applied for, they can tell you why. Ask them to
explain anything you don’t understand. Then ask them what
you can do, very specifically, to improve your credit
score and credit rating. If you’ve applied for a mortgage,
ask your mortgage broker these same questions.

Credit Repair Solutions