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.
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.
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