A Tale of Two Families
While we would like to save every Family who is facing Power of Sale of Foreclosure or has been turned down by their bank…the harsh reality is we are not able to help everyone…while we do our best to help…sometimes things are out of our control. I want to share a couple of scenarios where […]
Are Rent To Own Deals Risky?
What are the Risks With Rent to Own? Rent to Own has been a program available to consumers since the 1950’s. There have been many success stories, but as with any program, there have been many stories of failure. So, what make a Rent to Own Program risky? We believe it is not the “concept” […]
Who Is Responsible For Property Taxes On A Foreclosure
Who is responsible for property taxes on a foreclosure? The answer is, it depends. For homeowners who would like to keep their homes (by “redeeming” the mortgage during the 6 month redemption period) they must pay property taxes as well as any interest and costs as well as the balance of the loan. In that […]
Power of Sale vs Foreclosure
Power of Sale vs Foreclosure If you own a home but are not familiar with real estate law, the differences between Power of Sale and Foreclosure can be confusing. If you are also in financial difficulty or otherwise facing the possibilities of Foreclosure or Power of Sale proceedings, it’s very important to know which one […]
Difference between foreclosure and power of sale
What’s the Difference Between Foreclosure and Power of Sale? For homeowners who find themselves in financial difficulty, it’s important to understand the difference between foreclosure and power of sale. Particularly advice from the US tends to focus on “foreclosure” as a blanket term, yet for Canadian homeowners the reality is that they will probably never […]
Can A Foreclosure Be Reversed
Once a foreclosure begins, can it be stopped? The answer is yes. In fact, the Canadian legal environment makes it relatively easy for a homeowner to stop foreclosure once it has begun — provided they can come up with the money to pay off the mortgage. However, the foreclosure process tends to favour the borrower […]
Foreclosure vs bankruptcy which is worse
What Happens During Foreclosure — And What Are Your Best Options How Long Will A Foreclosure or Bankruptcy Affect My Credit? What Can I Do About Power of Sale or Foreclosure? In Canada at least, bankruptcy is significantly worse for your credit rating. The reason is that a foreclosure only affects your mortgage, whereas bankruptcy […]
How do foreclosures affect property values
How do foreclosures affect property values? For Canadian owners, little data is available, but looking south the answer is quite clear: a foreclosure slightly but definitely reduces the value of properties nearby. This is the conclusion of many studies that have been done of real estate prices, particularly in the wake of the US housing […]
How long from foreclosure to eviction
After foreclosure, how long to eviction? How long before foreclosure starts? Foreclosure Procedure in Canada When Does A Foreclosure Start? What happens when you go into foreclosure? How Long Does Foreclosure Take? Stopping Foreclosure The answer is, it depends. First of all, it is important for any homeowner facing foreclosure to ensure they are in […]
What Does Foreclosure Mean To A Buyer?
What does foreclosure mean to a buyer? For many buyers, it means a chance to get a good deal on a property. When a house is foreclosed, it means the homeowner defaulted on their mortgage payments and was not able to pay off the mortgage despite receiving a notice of default. The lender then starts […]