Category Archives: Foreclosures

Foreclosure Process in Alberta Part 2

Foreclosure Process in Alberta Part 2

Streams of Income

As a full-time Canadian real estate investor, we must fully understand the foreclosure process in our own province in order to both advise the owners we are helping and to take advantage of the legal processes and time lines to increase our potential streams of income.

We are continuing the article on the Foreclosure process in Alberta. We are up to the point where the lawyer has sent the defaulting owner a demand letter to which there has been no response.

Statement of Claim

The lawyer then issues a statement of claim to the courts. If, at that point, the lawyer does not hear anything, the lawyer searches at the courts to see if there was a statement of defense filed. If not, a notice of default is filed, which is basically saying “this client has defaulted. The mortgage payments were this much, the term was until whenever, the rate of interest was such and such.”

The Order Nisi

The owner will then be summoned to court to appear in front of a judge. At this point, an Order Nisi (order for sale) is filed, and the judge will assign a redemption period based on what the borrower’s chances of paying off this property are.

Redemption Period

The redemption period is typically six months, which means that the owner gets to live in the property without paying for six months(although the mortgage payments, legal fees and interest are still racking up.

This period and the time leading up to this point is a golden opportunity for an investor to get in there, make a deal to take over that property, pay off the arrears, and be able to make some amazing money. In our real estate training we go into this process in great depth.

Order Nisi

Once the Order Nisi is filed, and the mode of sale is ordered by the courts there is still time to help that owner but we have to become even more creative in our strategies. This is why knowledge, skill and education are key in making lots of money in Canadian Foreclosures.

World Wealth Builders offers an intensive 3 day training on Foreclosures in Canada and highlights your province specifically.

In a future article, we will talk about all the advantages that the investor has to be able to capture equity in a property and be able to make tons of money while helping the person that is in trouble at the same time.

Happy investing!

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P.S. Take Action now to attend the eye-opening seminar and walk away with confidence, knowledge, and specific "action ideas" that can help you achieve your dreams and leave the rat race behind.

We have been training Canadian Real Estate Investors since 1993

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Navtaj Chandhoke
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Canadian Foreclosure Process

Canadian Foreclosure Process

 

 

A professional Canadian Real Estate investor should understand thoroughly about Foreclosure process in Canada.

The word “foreclosure” is a nightmare for the property owner as well as for the Lender. Although the numbers usually increase during the real estate bust cycle; it happens all the time.

If the person who borrowed money using a mortgage fail to pay back that mortgage, money-lender can use foreclosure as a legal action. Foreclosure allows the lender to take or sell that person’s house by first getting a Court’s permission to do so.

The property owner will not lose their property right away when he misses a mortgage payment or makes a late payment. Lenders don’t want to foreclose if they don’t have to because it is expensive and is a lengthy process. Not until two or three months after the borrower has stopped paying, would the lender probably start to foreclose. Usually, a lender will send out letters requiring payment. Then, if they don’t receive a reply, the lender will usually start to foreclose and to sue at the same time. The foreclosure process differs from province to province in Canada.

Continue reading Canadian Foreclosure Process

Foreclosure Process in Alberta Part 1

Foreclosure Process in Alberta Part 1

As a full-time Canadian real estate investor, we must create many ways of doing deals and making money. We need to create massive and passive income for ourselves that occur on a regular basis. If you are one of those real estate investors that is relying on one or two real estate agents to bring you deals, then you will indeed starve to death.

Continue reading Foreclosure Process in Alberta Part 1

Profiting From Foreclosures in Canada Part 2

Profiting From Foreclosures in Canada Part 2

If you missed the previous article – Profiting from Foreclosures in Canada Part 1

As a full time Canadian real estate investor, we will be able to create a lot of business by helping people that have got into financial difficulty and are in the midst of the foreclosure process. Real estate  investors  need to understand what the process is and the options for the person in foreclosure before being able to advise or help them. We are continuing in our "Profiting from Foreclosures in Canada" series.

Continue reading Profiting From Foreclosures in Canada Part 2

What to do in Foreclosure or power of sale in Canada?

What to do in Foreclosure or power of sale In Canada?

As full-time Canadian real estate investors, we are always on the lookout for good deals, while helping those in need.  With the recent economic downturn, a large market in foreclosures and power-of-sale properties have become  available  from those who have suffered the results of being unable to pay their mortgages.

Continue reading What to do in Foreclosure or power of sale in Canada?

The Power of Sale Process in Ontario

The Power of Sale Process in Ontario

As a full-time Canadian real estate investor, we need to create many opportunities for ourselves on a regular basis. We need to attract sellers that are in particular situations whereby we can help these sellers and to be able to create massive and passive income for ourselves.

Continue reading The Power of Sale Process in Ontario

Profiting from Foreclosures in Canada Part 1

Profiting from Foreclosures in Canada Part 1

As a full time Canadian real estate investor, we must be continually creating massive and passive income for ourselves. Foreclosures can be a source of many deals for us, where we are helping people who have gotten themselves into a situation and allow them to downsize with dignity and with money in their pocket.

Continue reading Profiting from Foreclosures in Canada Part 1

Michael Jackson’s Foreclosure of Neverland

Michael Jackson’s Foreclosure of Neverland

With millions of foreclosures in the United States, most of us think that this can only happen to regular folks or working class people. However, even celebrities can have cash flow problems. Michael Jackson’s Neverland ranch is a perfect example of how an over leveraged property can cause even the most famous of celebrities to go through foreclosure.

Continue reading Michael Jackson’s Foreclosure of Neverland