Foreclosures: as a Canadian real estate investor you have the skill to assist people who have mortgage delinquencies and are capable to make a lot of money in the process.
There are numerous financial situations people tie themselves into and you must have many ways to be able to â€œtwirlâ€ each real estate deal both for the benefit of the person in trouble and yourself. Foreclosures and Power of sale are goldmines for real estate investors as long as you know how to take advantage of it.
Real estate investorâ€™s need to realize that 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 and in most cases may still owe money to the mortgagee.
The result of this process in some cases has the borrower go from a homeowner to a homeless person. Even if the situation has a look of a negative an outcome, a real estate investorâ€™s still tries to keep both parties safe.
To do so, there are 3 main key points a real estate investor needs to know about the Foreclosure/Power of Sale process in your province; 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, and the legal documents that are necessary in slowing down the process.
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