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Quebec Foreclosure Process

Quebec Foreclosure Process starts when a mortgage holder is in default of payment. The mortgage lender issues the home owner a 60-day notice warning them that their mortgage is in default and that their property will be seized if they do not remedy the situation. In most cases, it is assumed that the property owner will find a way to repay the amount owed.

Quebec Foreclosure Process

There are certain Quebec foreclosure process that a mortgage lender or bank must follow before they can start a home foreclosure. The first step in the Quebec  foreclosure process is that a mortgage lender must apply to a court for an order. If there’s a Supreme Court Registry in your local town or city, the mortgage lender is usually required to start the Quebec foreclosure proceedings there, unless you agree to file the papers at a different location.

Quebec Foreclosure Process

 

Once the court has the filed order a “petition for foreclosure” will be sent to you this is a copy of the lender’s foreclosure application to the court. The mortgage lender  can also ask the court to sue you for any amount money that you may still owe on the mortgage.

Right of Appearance

As the home owner in Quebec you have the right to request an Appearance form from the court registry. The Appearance form must be  completed and filed at the court address shown on the petition. The Appearance form requires the mortgage lender or any other person to notify you of any further steps  or filings that relate to your property. If you don’t file the Appearance form, the mortgage lender can proceed without  informing of the legal proceedings or the status of the foreclosure. Once the Appearance form is filed, you will get a document called a “Notice of Hearing”, which tells you when the lender will ask the judge for an order to start the foreclosure process.

Quebec Foreclosure process Redemption Period

The home owner  is given time to “redeem” the mortgage by paying the full amounted owed, plus any interest, costs and taxes to the lender. This time period is called the “redemption period” and it’s length can vary but usual time for this is about 6 months, you can also ask the judge for a longer period of time to get the money required to pay off the mortgage or sell your home. The Quebec foreclosure laws are designed to give the home owner every chance to redeem the mortgage.

Avoiding Quebec Foreclosure process

If you face a potential foreclosure in Quebec, you should take immediate action as per following recommendations from Canadian real estate investment experts.

Contact your lender immediately. Foreclosures are an expensive and time consuming process, so it’s likely your lender will be eager to avoid it if there is a better way for them. Communicate directly with the mortgage lender with your particular situation. You both will find a better resolution than anyone else.

Forbearance :Depending on your situation, here are some options you or your lender might suggest: Ask for extra time to make up your payments Lenders might agree to wait before taking legal action against you and let you work out a repayment plan that is affordable for you

Mortgage Modification : Every  mortgage lender or bank is different. Ask the mortgage lender to change the interest rate to a more manageable level. A lender might also extend the amortization period which will lower monthly payments.

Avoiding Quebec Foreclosure options

Increase the Mortgage amount : Some lenders may offer to spread out missed payments over a longer term. Re-calculate and refinance the mortgage If the home owner have enough equity and meet the lender’s requirements, the lender may increase your mortgage amount.

Consolidation: Home owner  may also refinance by wrapping other debts into your mortgage By putting your 20% – 30% interest debts like credit cards into your mortgage.  Paying them off, and increasing the mortgage amount, you will decrease your overall monthly debt load.  As long as you’re pretty sure you can keep up with payments, it’s not a bad option.

Mortgage Default Insurance If you happen to have hi ratio mortgage on your home then you may get some temporary protection from foreclosure and power of sale in Canada. Default mortgage insurers carry programs that help struggling homeowners to temporarily pay interest only, or to forgive some of your payments.

Canadian private hard money lenders: Consider getting secondary mortgage from a Canadian private hard money lender. They do not care about your credit score, income. All they want to have AACI appraisal to see that there is enough equity.

Family and friends: Asking help from family and friends can be quick solution too. Mom and Dad's bank can be the super choice.

Quebec Foreclosure Process

Sell it for instant cash and fast closing :   One of the best option is for the home owner is to sell their property to Canadian real estate angel investor for cash with fast closing. Save the hassle, legal cost, credit and downsize with pride.

Words of Wisdom

Words of wisdom from Canadian real estate investment expert, Navtaj Chandhoke "Most important for every home owner must have skip a payment plan built in their mortgage. Be aware of all the penalties due to default. One of the worst penalty is interest rate differential which can give you the shock of your life. The property will be  foreclosed if the home owner is not able to repay the full amount that is owed".

Dealing with a looming foreclosure it not easy but if prepare yourself, get in contact with your real estate lawyer.  Be cooperative as possible you can and will make it through the process. Knowing the Quebec foreclosure process professional real estate investors can help home owners and make money.

Quebec Foreclosure Process

 

 

 

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.