According to Statistics Canada, in 2005, 37% of people were home renters and 63% of people were home owners. Most home renters would love to be home owners but choose to rent because of lack of money available for a down payment, unfavorable credit or simply are not making enough money to carry a mortgage. When you are renting for said term outlined in the rental agreement, you are making your landlord a very rich person. In this process, you are paying down his mortgage and putting cash in his pocket every month. At the end of your rental term, you walk away with nothing. Knowing this most people neglect the units and do not take pride in their living space and that is why most of the rental units are substandard.Continue reading
Foreclosure Process in Saskatchewan on a residence is relatively similar to that of a commercial foreclosure. Foreclosure Process in Saskatchewan for farms have their own unique procedure.
Canadian Foreclosure Process, a professional Canadian Real Estate investor should have a well understanding regarding to Foreclosure process in Canada.
Not only property owner, but also Lender consider the word “foreclosure” as their nightmares. Regardless which cycle the market is going through, it happens all the time, although the numbers do tend to go up during the real estate bust cycle.
Foreclosure is a legal action that a money-lender can take if the person who borrowed money using a mortgage stops paying back that mortgage. Foreclosure allows the lender to take or sell that person’s house by first getting a Court’s permission to do so.