Tag Archives: foreclosure

Top 10 panic motivated home sellers

Top 10 panic motivated home sellers are looking for fast exit. They are not looking for market value to sell.They want cash now.

Being a Canadian real estate investor we need to find motivated Canadian home sellers.  A homeowner becomes a motivated seller due to circumstances that are beyond their control.

In Canada . it is very hard to predict the situation of their job, their marriage and the weather. Since we have a very high rate of divorces, people need to sell their matrimonial home in a hurry.  At times it is a very messy situation and none of the partners care about the money, all they want to do is punish each other.  A true motivated panic seller is looking for a fast exit in their situation. The number one requirement is cash.

Top 10 panic motivated home sellers

The most dreaded requirements are the lack of time and cash, which are working against the panic home seller. This does not leave many options, they must sell their home no matter what.  At this point the price is irrelevant, it’s just like a fire sale. They need to exit, they need to get out of the situation even if they have to take a fall or a loss by selling their house.

 Here are the top 10 panic motivated home sellers  list.

The top 10 panic motivated sellers are in need of help.

  1. Eviction:

    Eviction is when a homeowner is asked to leave or is being evicted by the sheriff for the non-payment of mortgage payments. This is where the lender or the bank repossess the property. At that time the homeowner is in a panicked situation and looking for a quick solution. At this time the banks, mortgage brokers, and realtors cannot help them. The only person who can help them are Canadian professional angel investors who know how to deal with this type of situation. When a family is being evicted they need to move into a new place without their belongings. When an eviction takes place in Canada their pets are taken away by the humane society of Canada. Usually the family becomes homeless and they are only allowed to carry very few items. The rest of their belongings can be obtained by giving a 24 hour notice.

  2. Foreclosure/Power of Sale:

In Canada we have 2 different systems to foreclose a property. In each province the laws are different even though they are all regulated by the Interest Act. A foreclosure or Power of Sale process gets started once a homeowner is more than 15 days behind their payment. In certain provinces the bank or lender do not have to go to court to start the process.

Top 10 panic motivated home sellers

In other provinces everything is a judicial process which means everything has to be processed through the provincial superior courts. One of the nastiest letters a homeowner can receive is a demand letter. This is a letter that tells the homeowner to pay up or they can be sued in a court of law. At this time the homeowner can become a very highly motivate panic home seller.

  1. Writ of seizure:

Writ of seizure is a civil enforcement directed by the courts. The ownership is seized by the sheriff and the property will be auctioned off to pay off the debtors. The whole process begins when a homeowner is unable to pay his creditor. They get a judgment from a court and the judgment is imposed by a sheriff or a bailiff. This creates a very panicked situation for the homeowner, where other creditors also become alarmed of the situation.

  1. Tax Liens:

In Canada the law states very clearly if you do not pay property taxes your house can be sold for the amount of taxes owing. In each province the laws may be a bit different but have the same implementation. Generally speaking a homeowner who is behind 3 years of property taxes will have their home sold by the city to recover taxes owing.

Top 10 panic motivated home sellers

In some provinces they can sell for only the taxes owed, compared to others where they are seeking current market value. Once a homeowner receives a notice that their house will be sold by an auction or a tender, they hit the panic button.

  1. Inheritance Property:

Since the baby boomers are becoming seniors now, upon their death the properties are merely inherited by the next of kin (children or grandchildren). They have to go through the probate process in each province under the Canada Revenue Agency (taxman). The capital gain which can be a huge sum of money has to be paid to the taxman. When somebody inherits a property they also become aware that they must pay a huge amount of taxes. Since they may not have enough cash to pay the taxes, the inherited owner becomes a panic seller.

  1. Drugs:

Alcohol, gambling, and drugs are becoming quite the norm in Canada. As a matter of fact Canada is going to legalize smoking Marijuana as of July 1 2018. Now these drug users become addicted, which sometimes requires cash. Even drug dealers, when caught, end up losing all their properties to the police or to the taxman. Grow-op houses as well as meth labs are also becoming a huge issue in Canadian real estate, these are stigmatized properties. The current owner or concerned authority sells these properties pennies on a dollar.

  1. Economic Cycle:

In Canada we have Real Estate Booms and Busts. A lot of Canadian get into the habit of speculation and gambling instead of being an investor. When the market turns they want to get rid of all their properties and they become super motivated panic sellers. Recently in Toronto after April 20 2017 an average detached house dropped by over $100,000 in value a month. From April to August, these properties lost an average value of $388,000. Some home buyers and sellers get caught during the transition, now they become super motivated panic sellers. They have the option of taking the loss of filing bankruptcy.

  1. Tired Landlords:

When the Real Estate Market goes up everyone wants to become a real estate investor. Little do they know how difficult it is to become a good landlord. Once they come across a tenant from hell or the market takes a turn they do not want to be a part of real estate. At the same time people who own real estate for a long time become exhausted due to management, maintenance, and the laws. One of the biggest issues they face is the Capital gains. Professional real estate investors have a perfect solutions for these panicked home sellers who are becoming tired.

  1. Ugly Homes:

An average house in Canada requires minimum 1% of its value to maintain it to current standards. Roof, windows, kitchens, washrooms, floorings, and furnace have a lifetime of 10-15 years. To replace them requires a fairly good chunk of money. Since 2/3rd of Canadians live paycheck to paycheck, they tend to ignore or forget about maintenance altogether. These properties become outdated and require serious renovation to bring them up to the standard. They’re known as run-down, fixer upper properties. An average home buyer cannot afford to buy them so they become a target for real estate investors who like to fix and flip them for a profit.

  1. Loss:

Loss of a Job, spouse or death can bring financial disaster. In Canada most families have more than 1 breadwinner due to circumstances beyond their control. Things like loss of job, spouse or sickness can cause them to miss or delay payments. They can only sustain up to 6 weeks unless their financial cash flow reverts. Now they become panic home sellers, thus they have a choice to lose the house to the bank or creditor, or sell it at a fire sale.

Top 10 panic motivated home sellers

These top 10 panic motivated home sellers list can assist you for quick flips for instant profit.

Canadian real estate investors rarely buy any piece of property at market value, they’re always looking for a bargain. Since they have resources for cash and are able to close a deal in a very short period of time, they are able to bank on these opportunities. There’s a new generation of real estate investors who want to make money today, instead of waiting for 10 – 20 years down the road. Do you need to learn how to become such investors? Come and attend the crash course.

Foreclosures in Alberta up about 25%

CALGARY, AlbertaJuly 12, 2017 There is a good opportunity currently available to Canadian real estate investors who wish to buy a house in Alberta, where Foreclosures in Alberta up about 25%. You will discover many excellent bargains on Alberta pre-foreclosures. If you’re looking to invest in the real estate market, pre-foreclosures in Alberta will offer you a wide array of properties at basement bargain prices.

Foreclosures in Alberta up about 25%

Foreclosures are on the rise, up by about 25% annually over the past two years. Statistics from the province show a total of 5,746 properties were foreclosed on between April 1, 2016 and March 31, 2017. Of those, 2,277 were in Calgary and 2,523 were in Edmonton.

Giving away Canada’s Real Estate top wealth building, Alberta foreclosure, incredible million dollar secrets, techniques and strategies at two events in Edmonton and Calgary-Alberta.

The first event, Canadian Real Estate Investment Education Live Seminar in Calgary

The second event, Canadian Real Estate Investment Education Live Seminar in Edmonton

Get your tickets for the live training at http://www.Flipping4Profit.ca.

In this Alberta foreclosure Real Estate Live training seminar, you will learn top ten ways to find deep discounted Alberta real estate deals.

Along with the strategies mentioned above, you will also learn the process to utilize other people’s money for No Money Down. Gain knowledge on the many ways which you can find Canadian private hard money lenders. Find out the method which can be used to utilize Canadian financing to finance No Money Down deals. Last but not least, discover the techniques to find pennies on a dollar deep discounted property from the comfort of your home or office.

These 2 great events are eye openers for Virgin Real Estate Investors: If you have never invested in real estate, get started when the market is ripe for the picking. No money? No credit? No problem! You’ll see exactly how our students have become financially free by using our proven methods.

Foreclosures in Alberta up about 25%

Experienced Canadian Real Estate Investors will learn innovative great techniques and strategies. They will find out how to move up to the phenomenal income potential in our method of investing. Get proven Canadian strategies that take you from your current income to the next level you desire and put you in a whole new money-making league.

Canadian Real Estate Professionals have double edge benefits by attending both events too; now is the time for you to make more money in your deals. See how you can earn more than a commission and massively increase your net worth by getting into the action yourself.

We have been training Canadian creative Real Estate Investment strategies, techniques since 1993 successfully in small groups only.

Canadian Foreclosure Process

Canadian Foreclosure Process, a professional Canadian Real Estate investor should have a well understanding regarding Foreclosure process in Canada.

It is considered by all parties to be a nightmare i.e. property owner, lender. The foreclosure process in Canada can take place no matter what cycle is the market going through. The number of foreclosures tend to be high when the real estate bust cycle comes.

Canadian Foreclosure Process

Foreclosure is a legal action that a money-lender can take if the person who borrowed money using a mortgage stops paying back that mortgage. The lender is required to get a Court’s permission to foreclose the property.

Canadian Foreclosure Process

 

 

 

 

The property owner will not lose their property right away when he misses a mortgage payment or makes a late payment. Lenders try to avoid foreclosing the property if possible, due to the lengthy process involved. A lender will probably not start to foreclose until two or three months after the borrower has stopped paying. A lender tend to send out letters asking for payment first. Then, at the same time, the lender will sue them and start to foreclose. In Canada, the foreclosure process is different from province to province.

Canadian foreclosure process the lender can pursue 2 main ways to recover mortgage debt in Canada:

1. Judicial Sale

a. Conducted under the authority and supervision of the Court.
b. The lender must apply and get permission from the court prior to selling the property.
c. A lot of Court involvement for each step

A lawsuit is involved in the foreclosure process against the borrower and other parties liable.

Judicial Sale is used in the following provinces Canadian Foreclosure Process

  • Alberta
  • British Columbia
  • Saskatchewan
  • Quebec
  • Manitoba
  • Nova Scotia

2. Power of Sales

a. Without the court’s involvement, lender is allowed to sell property. This particular way was created to keep the recovery process out of the court system, as well as created the ability to make it happen at a much faster rate than a foreclosure.
b. The Process is started by sending a notice to the borrower.
c. Deficiency Judgment: A legal action against the borrower is required by the lender, after the sale of property.

Power of Sale

is mainly used in:

1. Newfoundland
2. Prince Edward Island
3. New Brunswick
4. Ontario

Generally speaking, foreclosure is a losing proposition for all the parties concerned.

There is no data available to show exact figures, and the number of mortgage defaults are different from market to market. There are nearly over 1,100 mortgage lenders in Canada. The 5 major lender report says there is a default rate of 0.26% – 0.65%

Canadian Foreclosure Process

The information mentioned above is merely a guideline and is not meant to provide a professional legal advice. For your particular case, please consult a real estate lawyer for advice.

Alberta Foreclosure LIVE Training

Alberta  Is On Sale

Alberta Foreclosure LIVE Training  can make you a fortune that has been to the sale and that doesn’t include the thousands of homes that haven’t. Homes with mortgages in default, some in foreclosure, some not yet. All with desperate panic sellers looking for an answer

Some are upside down with no hope of being saved from the sale. Others still have plenty of equity but owners who are hurting and can’t save their homes.

There’s never been a time like this, and there may never be again. The rules are getting written daily, and the opportunities are so plentiful and vast, it’s no longer an issue of finding deals, it’s more of a selection process of picking the ripest, low-hanging fruit.

We expect at least another 12 months of fortunes at your feet, and we did an Alberta Foreclosure LIVE Training last year to help you capitalize on it before it’s too late and this rare opportunity passes by. Fortunately for you, you will be able to take Alberta Foreclosure LIVE training 2016 in Calgary this year.

You see, you need to learn how to make money on almost any foreclosure…before, during and after the sale.

You need to see opportunities most don’t, and you need to learn how and where to capitalize on them. We are  willing to share those secrets, strategies and techniques acquired over 30 years of Canadian Real estate experience and help you.

How To Make An Absolute Fortune In This Economy Harvesting                                     Alberta Foreclosure Gold

Here are some of the things we will  cover  in a simple, step-by-step format designed for beginners and pros alike in my three (3) day Alberta foreclosure LIVE Training 2017.

 

 

 

 

 

 

 

 

 

 

* Let the Panic Home sellers find you to sell their home

* How to find killer deals not in the MLS and target only the best prospects.

* How to pre screen in seconds any and all types of foreclosures whether they come with existing debt, one or two mortgages. This will allow you to get ten times more deals in a fraction of the time.

* It’s probably the biggest mistake most investors make…chasing dead ends.

* How to raise the money to buy houses one at a time or in big blocks, and how to invest capital you have to get 300% returns on cash.

* What to offer on all-cash deals to absolutely guarantee you have a five-figure profit on quick flips you can do in a few days.

* How to have an army of anxious buyers waiting to take all the deals off your hands you can find, and how you can set up a simple but automated system to flip junkers and never talk to your buyer.

* How to get hundreds of thousands of dollars in free equity on houses before they go to the court without risk to you.

* How to buy your next residence with no down payment or credit, even if you’ve been through foreclosure yourself or are in bankruptcy. Your credit is irrelevant. No one will check it.

* How to sell the houses quickly to create cash now, cash flow and big paydays months from now when you least expect them. You’ll learn how to get free assets and turn them into cash. Try that in the stock market.

You’ll learn complete system on pre and post foreclosures in a manual with step-by-step instructions and a clear plan on what to do next, how to do it and how fast you can expect it to pay off at Alberta Foreclosure LIVE Training 2017

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Alberta Foreclosure LIVE Training

EYE Witness Boots on the ground Alberta Foreclosure LIVE Training  in the foreclosures supreme court

(Real time, real deals)

Reserve your seat at

http://www.flipping4profit.ca/alberta-foreclosure-live-training/

What you do get is Three (3) days of LIVE apprenticeship and complete systems manual and a day in practical field training which involves LIVE courts and two red hot virgin leads at the Alberta Foreclosure LIVE Training

Don’t think about this. Just reserve your spot while you can. for Alberta Foreclosure LIVE Training  Our class size will be extremely small to get personal attention.

See you at the Alberta Foreclosure LIVE Training 2016!

“Today’s Alberta’s Foreclosure Market Has Created Opportunities For Overnight Wealth Unlike Any Other Time In History…”

Bankruptcy, foreclosure and exodus batter Calgary’s housing market~Geoffrey Morgan of FinacialPost | May 20, 2015 | The number of bankruptcy proposals in Alberta is up 24% in the six months ending in February 2015 The province is also home to the highest share of bankruptcy proposals in Canada

Oil Sands Boom Dries Up in Alberta

Calgary at a Crossroads: The economy’s tanked, now what?

Who we are and who we want to be: New CBC Calgary project focuses on what makes our city tick

By David Perlich, CBC News Posted: Nov 29, 2015

Calgary at a Crossroads, Alberta Foreclosure LIVE Training 2016, Alberta foreclosure seminar, Alberta Foreclosure Training

A look at the city’s character

All of us here at CBC Calgary live and work in the city, so we thought: Let’s take a look at what’s different this time around, and how is it affecting the character of the city.

We’re calling it Calgary at a Crossroads, a continuing special look at all things Calgary that will run over the next five months or so.

We’re going to bring you the stories of our city that focus on our personal relationships with this place we all call home:

  • How we’re coping with the downturn, and how we’re not.
  • How Calgary can be an amazing place to live, and a city that occasionally tempts a resident to buy a plane ticket to “Get-Me-The-Hell-Out-Of-Here.”

Calgary at a Crossroads will live online, on our radio programs and as video stories — and it all starts today.

Average Fort McMurray home price down $117,000 from 2014

The Canadian Association of Oilwell Drilling Contractors has released a bleak forecast for the upcoming year that projects the downturn will only get worse for the sector.

The CAODC forecasts the rig count in western Canada will plunge in 2016, Alberta Foreclosure LIVE Training 2016, Alberta foreclosure seminar, Alberta Foreclosure Training

Calgary home sales decline the biggest in the country

Real estate listing in Calgary, Alberta Foreclosure LIVE Training 2016, Alberta foreclosure seminar, Alberta Foreclosure Training

Calgary’s resale housing market led the country in October — in a negative way.

MLS sales in the Calgary region were 1,810 for the month, down 36.4 per cent from a year ago. The rate of decline was the highest among Canada’s major housing markets, according to a report released Monday by the Canadian Real Estate Association.

Calgary real estate slides again in November as prices drop 5.1%

Homes sold last month sat on the market for an average of 45 days

CBC News, Posted: Dec 01, 2015

Alberta Foreclosure LIVE Training 2016, Alberta foreclosure seminar, Alberta Foreclosure Training

Home sales and prices continued their year-over-year decline in November, according to the latest aggregated data from the Calgary Real Estate Board.

A total of 1,263 homes were sold in the city last month, down 28.7 per cent from November 2014.

Average sale prices were off 5.1 per cent year-over-year, sliding to $460,859.

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Missing a mortgage payment in Canada

Missing a Mortgage Payment in Canada

missing-a-mortgage-payment-in-canada

Missing a mortgage payment in Canada is a serious matter. The reason a Canadian homeowner goes into foreclosure or power of sale is important for all to understand. As a Canadian homeowner one can be prepared for such a situation as the aforementioned, and as a Canadian professional real estate investor, one can be informed as to what causes foreclosure or power of sale and how to be of service. Death, job loss, medical expenses, and divorce are a few of the most common reasons Canadians face foreclose or power of sale on a home. These factors are real and an everyday part of society.

Falling behind on your payments can trigger power of sale process in Ontario. According to the Ontario Mortgage act 'Where a mortgage by its terms confers a power of sale upon a certain default, notice of exercising the power of sale shall not be given until the default has continued for at least fifteen days, and the sale shall not be made for at least thirty-five days after the notice has been given'  R.S.O. 1990, c. M.40, s. 32.

Missing a mortgage payment in Canada and cash flow issues going on and Canadian home owners try to juggle and decide which debts to repay. It’s tough but can be worked out.

Canadian Homes: Foreclosure or Power of Sale?

Both circumstances are a legal process designed to provide the Canadian lender an option to sell the property in the event the Canadian homeowner defaults or misses several payments.

Foreclosures in Canada involve the judiciary system, making it a much slower process which can take up to 6-10 months to resolve. We see foreclosures most commonly in Nova Scotia, Saskatchewan, Manitoba, Quebec, Alberta, and British Columbia.

Power of Sale, on the other hand, is much quicker. In some cases the power of sale can happen within weeks, but you will generally have a 35 day redemption period. This means you will have 35 days after being served notice to pay all your debts (including incurred fees) and get thing back on track. Power of Sale is currently being seen frequently in Ontario, Newfoundland and Labrador, New Brunswick, and Prince Edward Island.

What can you do about missing a mortgage payment?

Option 1: Contact your lender or bank as soon as possible1

Canadian lenders would always prefer not to go through the foreclosure or power of sale process. Their goal is to safeguard their investment and assist Canadian homeowners to find a reasonable and affordable solution.

Canadian homeowners tend to be very reluctant to contact their lenders out of fear and uncertainty.

With the majority of Canadian lenders, being forced out of the home happens only when all efforts and options have been fully explored.

The Canadian mortgage lenders may be able to offer you following four options

  • Change amortization to lower monthly payments
     
  • Switching from a variable rate to a fixed mortgage to provide a consistent payment plan you can budget for without fear of any future interest rate increase
     
  • Refinancing or second mortgage
     
  • There may be an option to add missed payments to the back of your current mortgage

There is limited action the Canadian mortgage lender or bank will take in the early days besides calling you and remind you to pay in time.

Option 2: Ignore and hope it will all will disappear3

Ignoring your oustanding debt will certaintly draw the attention of Canadian lenders and banks. In the long run, cooperation works much better and saves you the cost and hassle for all parties involved.

Option 3: Consolidate all of your debts

The cheapest way to rent or borrow money is with your first mortgage on a principal residence in Canada. Before you stop paying the unsecured debt to make your payments more affordable, make sure you seek out professional advice in order to plan your financing.

Finding a solution to deal with any other debts i.e. credit cards, lines of credit, consolidate loans etc. is all the help people need to obtain a positive cash flow each month and make paying down their debts significantly easier.

One of the key things to look at if you are about to miss a mortgage payment is whether you can afford the house you live in, or whether you’re over-extended on your debt.

If you decide your house is unaffordable then there are essentially two options.

  • Obviously if there is equity in the house, selling the house is the best option.
     
  • If you are in a negative equity situation then this needs to be carefully planned and professional advice is required.
     

4Option 4: Make payments first rather than unsecured debt

The general rule if you want to keep your home is, your mortgage must be the top priority over all of your other debts. You will have many more options to deal with unsecured debt vs. secured debt.

Alberta Foreclosure and how it works?

Alberta Foreclosure and how it works?

No matter who you are, if you are in the process of a mortgage that has defaulted, you need to know the process of Foreclosure in Alberta. Alberta foreclosure is about the legal steps that a Bank or a lender takes to recover arrears and principal on mortgage loan that is in default. If you need foreclosure help in Alberta please call 1-416-409-7300. We have been serving Canadians in need since 1981. In Alberta the  Master in Chambers of the Court of Queen's Bench of Alberta, which isn't the case in the rest of the provinces. They can also decide who the property is sold to and for what price.

Continue reading Alberta Foreclosure and how it works?