Foreclosure process in Alberta
Whether you are a Bank, mortgage broker, Canadian real estate investor or a home owner, if you are involved with a mortgage in default, you should know the foreclosure process in Alberta. Alberta foreclosure is the process the lender uses to get the money that you should have paid earlier back if your mortgage loan has been defaulted. Call 1-416-409-7300 for the Alberta foreclosure help you need. We have been serving Canadians in need since 1981. One of the main differences of the foreclosure process in Alberta, compared to other provinces, is that the Master in Chambers of the Court of Queen's Bench of Alberta decides who the foreclosure property will be sold to, and for what price.
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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.
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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.
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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.
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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.
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