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.
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:
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!
The Power of Sale proceedings in Ontario are generally quite speedy, as the proceedings are usually laid out in the mortgage documents. Power of sale was initially developed in Ontario by lenders who wanted a faster way to dispose of property and to recover the debt. As a result, they began to include power of sale provisions in mortgages that would allow them to dispose of the property under the borrower’s default, without having to resort to the Courts. Power of sale is now part of the Ontario Mortgages Act.