Foreclosure Process in Alberta -Â As a full-time Canadian real estate investor, we must fully understand the foreclosure process in our own province in order to both advise the owners we are helping and to take advantage of the legal processes and time lines to increase our potential streams of income.
We are continuing the article on the Foreclosure process in Alberta. We are up to the point where the lawyer has sent the defaulting owner a demand letter to which there has been no response.
Foreclosure Process in Alberta
Statement of Claim
The lawyer then issues a statement of claim to the courts. If, at that point, the lawyer does not hear anything, the lawyer searches at the courts to see if there was a statement of defense filed. If not, a notice of default is filed, which is basically saying “this client has defaulted. The mortgage payments were this much, the term was until whenever, the rate of interest was such and such.â€
The Order Nisi
The owner will then be summoned to court to appear in front of a judge. At this point, an Order Nisi (order for sale) is filed, and the judge will assign a redemption period based on what the borrower’s chances of paying off this property are.
Redemption Period
The redemption period is typically six months, which means that the owner gets to live in the property without paying for six months(although the mortgage payments, legal fees and interest are still racking up.
This period and the time leading up to this point is a golden opportunity for an investor to get in there, make a deal to take over that property, pay off the arrears, and be able to make some amazing money. In our real estate training we go into this process in great depth.
Order Nisi
Once the Order Nisi is filed, and the mode of sale is ordered by the courts there is still time to help that owner but we have to become even more creative in our strategies. This is why knowledge, skill and education are key in making lots of money in Canadian Foreclosures.
World Wealth Builders offers an intensive 3 day training on Foreclosures in Canada and highlights your province specifically.
In a future article, we will talk about all the advantages that the investor has to be able to capture equity in a property and be able to make tons of money while helping the person that is in trouble at the same time.
Happy investing!
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