We are producing a series of helpful videos to explain the process of foreclosure, your options during the foreclosure process and possibly even the options we have to help you.
If you are currently facing a foreclosure situation in Alberta, would like some information or advice, or even just someone to talk to about the process feel free to contact us at 403-608-1480 or email us at info@canadahomebuyer.ca
Otherwise, be sure to watch through our videos for helpful advice.
Regards,
Harold
My daughter has gotten involved in mortgage fraud and has would up owning 2 homes. The mortgages are at least 100k more than the value of the homes. They currently have one rented out and the renter is paying the mortgage. The other one they are living in but the payment is much higher than they can afford. They are currently not in arrears but want to walk away. Is it to early in the process to contact you for advice?
I am in the same boat as your Daughter- I was scammed into two investment properties that have lost 100k in value. I have been paying the mortgage payments on time for the last 3 years- but I am considering foreclosure on both since the values are only going lower with time and I have had to borrow money to keep my payments in check. I need some advise and was wondering if speaking to the bank about the problem would help or hurt the situation.
Just wondering if you were able to find a solution?
please contact at leoreynolds@yahoo.com
Leo,
Difficult decisions for sure. Regardless of the current valuation of the properties, take a look at what your overall intentions were initially when you purchased the investment properties. Are you able to hold the properties for the long-term? Are you able to hold funds in the special reserve account to cover any negative cash flow until valuations and/or cash flow returns in your market? There are several strategies available to maintain property that exists in a good market where it is conceivable market valuations will return to make the investment worthwhile. For example, I am an Alberta mortgage broker. We can look at utilizing equity in other property that you own to support the investment property for a short period of time.
Regarding your original intentions and what you were hoping real estate would provide for you, the main question is how long you are willing to hold that property to realize a positive return.
Bill,
Your daughter may be victim of Straw Buyer or Oklahoma deal.
Both are considered criminal offenses with intend to fraud.
You must get in touch with Police and your Lawyer.
This is very serious matter.
Chances are she may NOT be the only victim.
Usually the operate in group where they find some one who is very innocent and offer incentive in form of GREED to suck them into signing the ownership or mortgage.This is also known as Mortgage fraud.
My two cents!
Thank you Navtaj,
Indeed, straw buyer scams abound in Alberta. many major lenders have been hit by such scams over the past several years. Interestingly, Toronto did not see the hyper equity appreciation market Alberta experienced during the last boom, thus (hopefully) suppressing fraudster activity. It is very important to know your broker/lawyer/real estate agent before pursuing any opportunity.
We are in a tough spot with bad neighbours and have put up with it for a long time but can no longer afford the crime of the neighbourhood. So far nothing has been done to the house thank goodness but we need to move financially, for our daughter’s and my health concerns now. We have lived in the house for years but don’t have much paid thanks to a huge hail storm and the building to begin with. We just want to rent now and we know with this black mark and our budget we won’t get another mortgage and are fine with that but do want to end on the best terms possible. Any advice would be helpful, like can we try and sell if we are a month behind – almost 2?