World Wealth Builders Visit Four Different Courts of Queen’s Bench in Alberta
Calgary, Monday Nov 16th, 2009 - World Wealth Builders completed another very special Alberta Foreclosure Apprenticeship in Calgary. Each apprentice took part in two days of intensive and exhausting education, which involved ten different laws, group activities, class activities, partner activities, and several tactical exercises.
If you are a borrower and a defaulter in payments, your lender can send you the Demand Payment Letter Alberta Canada.
It happens when the mortgagor (borrower) defaults under the terms of the mortgage contract in Alberta. The Demand Payment Letter Alberta is a part of the legal procedure to keep all the parties concerned informed.
Farm Debt Meditation Act
Lender wants the loan to be repaid in full within a specific period. In case of a failure, there comes a notice from the lender under the Farm Debt Meditation Act, It is called the Demand Payment Letter Alberta Canada. In certain situations, a Notice of Intention is also sent to enforce security under the Bankruptcy and Insolvency Act.
Lender wants action on Demand Payment Letter
The Demand Payment Letter Alberta Canada is a warning to the borrower. The Demand Payment Letter Alberta wants the borrower to clear the arrears or face legal action. Subsequently, the property can be taken away. This is where the lender wants the borrower’s full attention.
The lender wants the borrower to understand that the issue, if not resolved, could lead to a lawsuit. Till this time, the owner still has complete control and possession of the property. After a demand payment letter, certain property owners feel the urgency to either pay up the arrears or panic and list the property for sale.
Demand Payment Letter Alberta Canada
The notice indicates clearly that if the debt it not cleared by a specific date, the legal proceedings will begin. It also mandates for the recovery of the outstanding mortgage arrears and all other expenses. The start of the proceedings is up to the lender. They can start immediately. The decision lies entirely within the lender’s power.
If a notice under the BIA (bankruptcy and insolvency act) is served, the lender cannot take any further action to enforce the security
This information, provided as a guideline, is not intended to give a professional legal advice. Please consult a real estate lawyer for opinion in your personal case
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World Wealth Builders offers many unique, practical, out of the box real estate investor apprenticeship. World Wealth Builders offer 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. You can attend Real Estate Millionaire Strategies Apprenticeship . To find out more, please go to www.Flipping4Profit.ca
When there is a mortgage in default in Alberta, the general practice by the lenders and lawyers is to prepare, research, and compile all the necessary documents required to proceed with the foreclosure in Alberta.
"Rent to own" a house is a very complicated process and normally takes place outside of organized real estate since there is no down payment therefore no commission until some hypothetical time in the future.
Foreclosure Process in British Columbia Canada is legal procedure when the property owners fails to make mortgage payments and the Lender is in legal process to recover their investments.The word foreclosure means to deprive a borrower [in default] of the right to redeem the mortgaged property. In British Columbia, the foreclosure process it is a Judicial Sale.
It is also an extinguishment. In legal terms, this means to pay off and satisfy in full, or to nullify. In a sense, a foreclosure is like a divorce proceeding, where the borrower and the lender become divorced under the mortgage terms. All of the foreclosures in British Columbia are subject to Judicial Sale proceedings. The lender can apply to the British Columbia Supreme Court for a judicial sale, also known as Court-ordered sale, which will then be carried out under strict Court orders.
The foreclosure begins with a demand letter, which offers the property-owner a very short time-frame in which to pay out the mortgage. In simple language, the lender is saying that the property-owner must pay up, or get sued. The next step is a petition filed in the British Columbia Supreme Court registry, where the foreclosure action begins.
Being a Canadian real estate investor, it is important to know the whole process so that a real estate investor can assist the panicked property owner, as well as the lender to resolve the default.
The Order Nisi serves to establish the time of redemption. The redemption period is the time period in which the property-owner can redeem the mortgage, as well as the amount required. The redemption period is usually set at six months. There are exceptions where the redemption period can be reduced to one single day, subject to the approval of the Courts.
When a lender applies for an Order Nisi, they will apprise the Court of the current value of the property, and ensure that it is high enough to satisfy the cost of the sale and claim off the property-owner. If the property is sold by the Courts, the lender is entitled to recover the difference between the sale proceeds and the mortgage debt from the property-owner.
Once a lender has been granted a conduct of sale, they act in the role of the lender pursuant to the Court order, solely for the disposition of the assets. They also have the right to list the property with a realtor on MLS.
When a potential buyer wants to make an offer through the realtor, the offer is prepared and directed at one of the lenders. At that point, the realtor confirms that the potential buyer will be negotiating with the lender, and the deal may be possible once the offer is also presented in the Courts. The offer can be subject to a sealed bid process.
The foreclosure process in British Columbia can be very complex, time-consuming, and very expensive for all the parties concerned.
World Wealth Builders offers many unique, practical, out of the box real estate investor apprenticeships 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.html
The above information is provided as a guideline and is not intended to give a professional legal advice. Please consult a real estate lawyer for their opinion on your particular case
--Permission to Reprint
You have the permission to re-print this article, as long as you don’t make any changes and include the bio.