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What is Foreclosure?
Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing   March 22, 2018   4618   0   2   0   0   0
Foreclosure is a court action taken by the mortgagee or the lender asking the court to cancel the equity of redemption to the mortgagor. The second and third mortgages should have a clause saying that if first is in default, the others are automatically in default too and they can take action against the borrower or the mortgagor. Redemption is the right of the mortgagor to have clear title to the property after paying the loan fully. Redemption period is usually provided to pay off interest, fees and back payments. There are basically two types of foreclosures. The first one is called Judicial. In this type of foreclosure, the mortgagee petitions the courts and begins a lawsuit against responsible parties. The second type is Non-judicial. With this, the power of sale has the processes covered in the mortgage documents. Lenders have the right to sell the property. On the power of sale process, happens quickly. It...
 
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StreetSmartREILogo
Cathy ShenCathy Shen   March 21, 2018   6835   0   2   0   0   0
One of the most overlooked methods that homeowners may have available to save their homes from foreclosure is obtaining a specific type of loan called a reverse mortgage. Because of its limited applicability, it is not frequently discussed as an option, but it may provide certain foreclosure victims with one more valuable solution. A reverse mortgage is usually used by homeowners over the age of 62 who are trying to supplement their monthly income. Instead of paying a mortgage every month, the reverse mortgage will pay the homeowners. The payments can be taken in a number of ways; for example, the homeowners may receive one lump sum from the mortgage company, get a certain amount every month, or be given a line of credit to be used whenever it is needed. Even if there is already a mortgage on the property, a reverse mortgage can be used. The main consideration will be how...
 
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Selling Distressed Homes
Quinn RempelQuinn Rempel   March 09, 2018   2110   0   3   0   0   0
Selling a distressed home can be a little different than your every day home transaction. When you have a home in good condition, no legal or financial problems, it can be beneficial if you have the time and patience to list on the MLS and Maximize your profit. When selling a distressed home this can make things a little more difficult. 1. Time When listing your home on the open market you could be waiting months if not years depending on many different circumstances including, market, location, homes shape… If you have a home in good condition that isn’t facing foreclosure, or have a re -possession pending, this is most likely your best option. Most Distressed Homeowners don’t have this kind of time. Once a mortgage payment is missed your on the clock before the foreclosure process begins. Homeowners wait too long to find alternative routes to foreclosure and tend to lose their homes to the...
 
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Proven Strategies for Finding Real Estate Buyers & Investors
Duane WalkerDuane Walker   February 27, 2018   1521   0   1   0   0   0
1. Landlords on rentfaster.ca , Craiglist or Kijiji - Check out these websites under the “houses/apt for rent” sections, and you’ll find a huge list of property owners, along with their phone numbers and property addresses! Not all these owners will be cash buyers, but most investors with enough knowledge to buy multiple properties could probably do a cash deal or refer to others within their network. 2. Real estate clubs - Attend functions and seminars in your area run by local investment clubs. Network and converse with everyone and ask what their specialty is while letting them know what you do. You’ll make great business relationships and most importantly add to your list of buyers. 3. Real estate agents - These professionals have unique tools and experience that is valuable. They also have an existing network of buyers and sellers. Create relationships with a number of key agents and they will be a steady...
 
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Why Rent-To-Own is a viable option, and what makes you a good candidate?
Joe MigadelJoe Migadel   February 27, 2018   1812   0   1   0   0   0
We firmly believe that all Canadians deserve a place they can call home. Our main goal here at Calgary Rent To Buy is to transform current renters into future homeowners through our unique and customizable Rent to Own Programs. Entering into a R2O (Rent to own or lease option) can be a great option if you’re not financially ready to buy a home yourself through a traditional mortgage. The structure of the program is the tenant buyer enters into a lease agreement with an exclusive option to purchase the property within a specified time period and at a specified price. We realize that every family has a different combination of assets, limitations and dreams. Our job at Calgary Rent To Buy is to understand your unique needs, so we can formulate the perfect Rent to Own program for you. We have evaluated the merits of various Rent to Own concepts and decided to implement and adopt only the most...
 
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