Creating massive & passive income is what full time Canadian real estate investors need to do. A great source of deals are foreclosures, where we help people downsize with money in their pocket after they have gotten themselves into a situation.
Canadian Foreclosures
So, what actually is a Foreclosure?
In some provinces in Canada we have foreclosures; in other provinces we have power-of-sale. 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 foreclosure allows that lender, in certain provinces, to take or sell the person’s house with the Court’s permission to do so.
What is a mortgage ?
A mortgage is a type of loan that involves two parties, the borrower and the lender, and the borrower must pay back the lender. When you get a mortgage to buy a house, you borrow money so you can pay back that amount in installments.
That begs the question, what happens if you miss a mortgage payment or can’t make the payment?
Do you lose your house? Lenders don’t want to go through the foreclosure process. Why? Because it is expensive and it takes a lot of time.
You will usually have 3 months of being in default before the lender starts to foreclose, this is called forbearance. Usually the lender will demand payment after you miss one, but if you don’t respond the lender will start the foreclosure process. 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.
World Wealth Builders offers many unique, practical, “out of the box” real estate investor trainings which offers the student hands on, in the trenches style instruction to facilitate both a different mindset as well as a successful and lucrative real estate investment business. To find out more, please go to www.worldwealthbuilders.com/live
www.WorldWealthBuilders.com
P.S. Success isn’t a matter of chance, it’s a matter of choice. So it’s up to you to make the right choice to become successful. If you don’t know what to do it starts with making the choice to register for this LIVE real estate investors training in your town now and making sure you make the right choice to SHOW UP!!! Learn more to earn more!
Are you a Canadian real estate Investor? Join Canada’s largest real estate investors club now.
Your success is our Passion!
