Being a Canadian Real Estate Investor one should be aware of the Ontario Mortgage Act which have rights and privileges for the lender(bank) as well as the home buyer. As a professional Real Estate investor you will find knowing the Ontario Mortgage act gives you the edge to assist the distressed home owner as well as help the lender to resolve by doing so making a huge profit for themselves. When a home owner defaults the lender (bank) have the right to call off the mortgage and collect all the delinquent payments along with legal fees, administration fees, property management and the court costs. Since a default becomes a dispute, both the property owner and lender have to follow certain law to protect each other’s rights.Power of sale notice is issued by the lender upon default.
Power of sale notice period Ontario, all the notices of power of sale are regulated under the Ontario Mortgage Act. The lender (banks) does not necessarily have to go to the court to do a power of sale. Before a notice to proceed is sent out, the lender will be following steps to take action.
Recipient Of Power of Sale Notice Ontario
In Ontario Real Estate Investing, under the Mortgage Act Section 31, it is stipulated that a notice of power of sale must be given to every party appearing by the registered of ownership and by the index of executions to have interest of the mortgage property.
The recipient of the notice of power of sale should be given to the following parties:
Foreclosures Alberta Canada are rising much faster than any other province in Canada. According to a recent report from The Canadian Bankers association the numbers of Home owners in Alberta who are more than 90 days behind in their mortgage payments are approximately 0.73%, which is the highest default rate in Canada. This report includes only from data from mortgages received from the major Canadian banks not from all Lenders in Canada.Continue reading
Statistics kept by the Canadian Bankers Association show the number of mortgages in arrears (people that are behind on their payments more than 3 months) has grown significantly in Canada since the economic downturn in October of 2008. As a real estate investor we have the ability to help these people who have mortgage delinquencies and be able to make great money in the process.
Keys to know about Foreclosures/Power of Sales in Ontario Canada
There are 3 key things to know about the Foreclosure/Power of Sale process in your province (and others):
- The legal rights of the homeowner. Most homeowners do not understand their legal rights including their legal right of redemption.
- The time lines involved in each phase.
- The legal documents that are necessary in slowing down the process.
Home owner to Homeless
The thing to realize in a Foreclosure or Power of Sale process, when a situation becomes dire, the mortgagee is looking to remove that owner from the property in order to get their borrowed funds back. The owner will be removed (sometimes forcefully) and in most cases may still owe money to the mortgagee. That said, the result of this process in a lot of cases has the borrower go from a homeowner to a homeless person. Yes, this happens in Canada!
4 keys to helping the homeowner and profiting ourselves
We, as compassionate real estate investors, in making a deal with these people, can help them by doing the following:
- We make sure their mortgage, arrears and legal fees get paid off.
- We can give them moving costs
- We can give them first month and last month/security deposit in order to downsize.
- We can start them on a debit/credit card in order to begin rebuilding their credit.
3 day intensive Canadian Foreclosure/Power of Sales in Ontario Canada Apprenticeship
At World Wealth Builders, we offer a 3 day intensive Foreclosure Apprenticeship training where you will learn how to help those people who have gotten in financial hot water and be able to make lots of money at the same time. You will learn everything encompassing the Power of Sale/ Foreclosure process including the law, the mortgage act(of your province) , the power of sale/foreclosure process in Canada, as well as all specifics relating to your province.
The knowledge and skill you will acquire will surpass most lawyers and mortgage brokers in your province.
This three-day training will include two days of in-class training and one day in the field where we go to the courthouse and where each student will get one or two fresh leads to follow through on.
To obtain more information about our upcoming Canadian Foreclosure Apprenticeship training, please go to www.WorldWealthBuilders.com or send an email to vp@WorldWealthBuilders.com
We currently offer 3 different types of programs:
- British Columbia Foreclosure Apprenticeship
- Alberta Foreclosure Apprenticeship
- Ontario power of sale Apprenticeship
Regular Tuition Fee – $9995*
Special Price for Live Presentation – $4995* (For dates and times check our calendar)
To Register Click Here
*+ applicable taxes (GST/HST)
Your success is our Passion!
Court Queens Bench Alberta Foreclosure
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.
Home foreclosure :As full-time Canadian real estate investors, we are always on the lookout for good deals, while helping those in need. With the recent economic downturn, a large market in foreclosures and power-of-sale properties have become available from those who have suffered the results of being unable to pay their mortgages.
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
The redemption period is the time set by the Court after granting an Order Nisi. Under section 42 of the Law of Property Act, it states that in the case of urban lands the period of redemption shall be 6 months from the date of the granting of the Order Nisi. The Court, however, does have the authority to reduce this period of redemption.