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How to Profit from Foreclosures in Canada Part 1

How to Profit from Foreclosures in Canada Part 1 
 profitingfromforeclosure

 Creating massive & passive income is what full time Canadian real estate investors need to do. 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. 

whatisforeclosureSo, what actually is a Foreclosure? 

Some provinces in Canada have power of sale, while others have foreclosures. A foreclosure is a legal action where if the person who got a mortgage or borrowed money stops paying back the mortgage, the lender can take action. The court can grant the lender in certain provinces the ability to take back or sell the borrowers house in a foreclosure. 

whatismortgageWhat is a mortgage ? 


A mortgage is a contract between a borrower and a lender (or mortgagor and mortgagee) for the mortgagor to pay back the loan to the mortgagee. When you get a mortgage to buy a house, you borrow money so you can pay back that amount in installments. 
 So what happens if you miss a mortgage payment, or you can't make a payment? 

  Do you lose your house? Lenders don't want to foreclose on you. Why? The foreclosure process takes a lot of time and money. 
 So the lender mat give you forbearance, which means that they probably won't start to foreclose until three months after you are in default.
The lender will start the foreclosure process if they start demanding payment and you do not respond. Try working something out with the lender, ignoring them is a really bad decision. . 
 

 
 
In the next article, we will discuss how to make money in foreclosures as a real estate investor. 
 
World Wealth Builders offers many unique, practical, "out of the box" real estate investor trainings which offers the student hands on, in the trenches style instruction to facilitate both a different mindset as well as a successful and lucrative real estate investment business. To find out more, please go to www.worldwealthbuilders.com/live 
 


www.WorldWealthBuilders.com/live 

P.S. Success isn't a matter of chance, it's a matter of choice. So it's up to you to make the right choice to become successful. If you don't know what to do it starts with making the choice to register for this LIVE real estate investors training in your town now and making sure you make the right choice to SHOW UP!!! Learn more to earn more! 

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