Jingle mail Alberta, Canada is a phenomenon where home owners are moving away from their mortgages by putting their keys in the mailbox and sending it back to the bank or the lender in Alberta, Canada. This is due to a combination of both high debt and lost jobs. Professional real estate investors group (PREIG) Canada’s members know how to help fellow Alberta homeowners who are going through very difficult times. The Alberta properties that are either underwater or where the homeowners are unable to make mortgage payments, they have several options.
Jingle mail Alberta, Canada shall be only considered after exhausting all other options and choices. Canadian real estate investors are able to offer them multiple solutions, where the families can downsize without going through jingle mail Alberta, Canada strategy.
Jingle mail Alberta, Canada weaken the housing market and increase loan losses among Canada's banks, say Canadian real estate experts. This was a major problem in Alberta in the 1980s. As a result, the federal government is watching the Alberta market closely. During the 1980s, about 500,000 residents left their Albertan properties for greener pastures without having any impact on their credit ratings.
During early 80’s the oil price dropped from $40/barrel to $10/barrel which was the main reason.
The job loss was humongous due to oil patch workers were given pink slip.
Canadian real estate experts state that this phenomenon is unique to the province of Alberta.
Mortgage acts are governed by provincial governments.
This is because it is the only province in Canada that offers non-recourse residential mortgages on a wide scale. Those are loans with at least a 20% down payment and as such are not insured by the Canada Mortgage and Housing Corporation (CMHC). It made a rough housing market even worse when banks were forced to sell off abandoned homes at a discount. This type of mortgage allows the defaulter to lose their home but without having any personal liability to them. The personal liability would otherwise result them in a court seizure of assets elsewhere.
Evidently in 2016, Alberta is the heart of Canada’s dying oil patch and ground zero for the pain inflicted by 14 months of crude carnage. Violent crimes are rising in Alberta, suicide rates are increasing, and food bank usage are on rise, and as per employment Alberta lost 19,600 jobs in 2015 (highest in 34 years).
And the situation deteriorates with sinking oil prices. That's a recipe for disaster and as such we're starting to see the first signs that the market is beginning to crack as Albertans begin mailing the keys to their underwater homes back to the bank. This was evident, as there was a high rate of job losses with collapsing oil markets led homeowners in a difficult situation.
One of the main differences between now and the 1980s is that now the credit bureaus have access to mortgage information. Therefore, if you make a strategic default, it will have an impact on your credit rating.
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