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.
Profit from Foreclosures
So, 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.
What 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.
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