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.
Your real estate business depends on you. You need to think outside of the box in order to get more deals done and create an ever-growing network around you to alert you to more deals.
The foreclosure process is something that a full-time Canadian real estate investor must know intimately in order to not only help people, which is the most important thing, but make a fortune in the process.
Foreclosures in Alberta
The province that is currently suffering the most in Canada from foreclosures is Alberta. The following outlines a brief description of the foreclosure process in Alberta in order for you to see where the profits may lie.
What happens when an owner defaults?
Once an owner defaults, a courtesy letter and/or phone call will come from the bank or the lender. Essentially saying “we’ve noticed that your payment did not come through on the date it was supposed to. Please remit this payment immediately, and if you have already taken care of this then thank you in advance.”
If 15 days goes by and they have not gotten any money, a case file will be created and sent to the lender’s legal department or an independent lawyer who specializes in foreclosures.
That lawyer will immediately send a demand letter to the mortgagor. Now depending on when that happens, the mortgagor will get a 15 day time period to respond. If there is no response, then this goes to the next level.
World Wealth Builders offers an intensive 3 day training on Foreclosures in Canada and highlights your province specifically.
In the next article we will get into the process further.
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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