Comments for Helping Homeowners Through Difficult Times http://www.canadahomebuyer.ca/blog Alberta Foreclosure Help Sun, 18 Dec 2011 17:51:26 +0000 hourly 1 http://wordpress.org/?v=3.2.1 Comment on The Foreclosure Process – A Conversation with Harold by admin http://www.canadahomebuyer.ca/blog/abforeclosure/the-foreclosure-process-a-conversation-with-harold/#comment-214 admin Sun, 18 Dec 2011 17:51:26 +0000 http://www.canadahomebuyer.ca/blog/?p=14#comment-214 Michael A lender always has the option of reviewing a client’s credit report prior to any renewal, and always prior to any refinance or purchase. In most cases, the lender won't execute a demand notice unless the mortgage payments have been compromised, or the mortgage on your defaulted property is owned by the same lender reviewing your secondary renewal. I am an Alberta mortgage broker and long-time real estate investor, we can review options your portfolio may offer towards supporting the cashflow on your Canmore property until market valuations return, or we may consider an offer on your property. Let us know if you would like more information. Michael
A lender always has the option of reviewing a client’s credit report prior to any renewal, and always prior to any refinance or purchase. In most cases, the lender won’t execute a demand notice unless the mortgage payments have been compromised, or the mortgage on your defaulted property is owned by the same lender reviewing your secondary renewal.

I am an Alberta mortgage broker and long-time real estate investor, we can review options your portfolio may offer towards supporting the cashflow on your Canmore property until market valuations return, or we may consider an offer on your property. Let us know if you would like more information.

]]> Comment on The Foreclosure Process – A Conversation with Harold by Michael Whitman http://www.canadahomebuyer.ca/blog/abforeclosure/the-foreclosure-process-a-conversation-with-harold/#comment-213 Michael Whitman Sun, 18 Dec 2011 17:50:14 +0000 http://www.canadahomebuyer.ca/blog/?p=14#comment-213 I have several mortgages in Alberta. I want to walk away from a conventional mortgage on an investment condo in Canmore Alberta because it is worth less than the mortgage. Will this impact my ability to renew my other mortgages on my main residence and my other investment properties when they come up for renewal? I have several mortgages in Alberta. I want to walk away from a conventional mortgage on an investment condo in Canmore Alberta because it is worth less than the mortgage.

Will this impact my ability to renew my other mortgages on my main residence and my other investment properties when they come up for renewal?

]]> Comment on Personal Liability of Foreclosure in Alberta by admin http://www.canadahomebuyer.ca/blog/abforeclosure/personal-liability-of-foreclosure-in-alberta/#comment-212 admin Sun, 18 Dec 2011 17:47:23 +0000 http://www.canadahomebuyer.ca/blog/?p=110#comment-212 Greg & Tracey, The Occupancy Check letter you received is part of the process the bank initiates to ensure the property is not vacant. since had not received payment from you, they need to make sure that the property is secure and safe. After all, it is their investment currently. It is important that you contact the bank as soon as possible to determine if you have any options regarding revising your payment schedule moving forward. In most cases, once you miss your 3rd payment, the bank will initiate a Statement of Claim. Never assume that just because you've made partial payments towards your mortgage, that the bank won't initiate foreclosure. In almost all cases, if 100% of the arrears and legal fees are not paid within the required time period (i.e., Redemption period), the lender will pursue foreclosure and take the property. I suggest you contact your lender as soon as possible to discuss your options. Greg & Tracey,
The Occupancy Check letter you received is part of the process the bank initiates to ensure the property is not vacant. since had not received payment from you, they need to make sure that the property is secure and safe. After all, it is their investment currently. It is important that you contact the bank as soon as possible to determine if you have any options regarding revising your payment schedule moving forward. In most cases, once you miss your 3rd payment, the bank will initiate a Statement of Claim. Never assume that just because you’ve made partial payments towards your mortgage, that the bank won’t initiate foreclosure. In almost all cases, if 100% of the arrears and legal fees are not paid within the required time period (i.e., Redemption period), the lender will pursue foreclosure and take the property. I suggest you contact your lender as soon as possible to discuss your options.

]]> Comment on Alberta Foreclosure Info by admin http://www.canadahomebuyer.ca/blog/alberta-foreclosure-info/#comment-211 admin Sun, 18 Dec 2011 17:41:39 +0000 http://www.canadahomebuyer.ca/blog/#comment-211 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. 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.

]]> Comment on Personal Liability of Foreclosure in Alberta by admin http://www.canadahomebuyer.ca/blog/abforeclosure/personal-liability-of-foreclosure-in-alberta/#comment-210 admin Sun, 18 Dec 2011 17:33:43 +0000 http://www.canadahomebuyer.ca/blog/?p=110#comment-210 In Alberta, most lenders require a personal guarantee when taking a mortgage under a company name. I recommend that you review your mortgage documents and identify if a personal guarantee what is required, and who provided the personal guarantee. If such is the case, then having the mortgage provided through the Corporation will not guarantee that the guarantor is not held liable for any outstanding arrears and/or foreclosure debt. In Alberta, most lenders require a personal guarantee when taking a mortgage under a company name. I recommend that you review your mortgage documents and identify if a personal guarantee what is required, and who provided the personal guarantee. If such is the case, then having the mortgage provided through the Corporation will not guarantee that the guarantor is not held liable for any outstanding arrears and/or foreclosure debt.

]]> Comment on Contact Us by admin http://www.canadahomebuyer.ca/blog/contact-us/#comment-209 admin Sun, 18 Dec 2011 17:25:42 +0000 http://www.canadahomebuyer.ca/blog/#comment-209 Lindsay, Walking away from your high-ratio mortgage obligation will unfortunately not allow you to avoid your debt obligations. The condo board can Foreclose also based on outstanding condo fees and/or special assessments while you are the owner. It's your decision whether or not to 'walk away', but understand that foreclosures are also expensive. Legal and bank fees can add up significantly, and the impact to your credit rating is also quite significant. You may wish to speak with a lawyer regarding your rights with respect to the current condo board dispute with the contractor. Lindsay,
Walking away from your high-ratio mortgage obligation will unfortunately not allow you to avoid your debt obligations. The condo board can Foreclose also based on outstanding condo fees and/or special assessments while you are the owner.
It’s your decision whether or not to ‘walk away’, but understand that foreclosures are also expensive. Legal and bank fees can add up significantly, and the impact to your credit rating is also quite significant. You may wish to speak with a lawyer regarding your rights with respect to the current condo board dispute with the contractor.

]]> Comment on Contact Us by Lindsay Henderson http://www.canadahomebuyer.ca/blog/contact-us/#comment-208 Lindsay Henderson Sun, 18 Dec 2011 17:20:29 +0000 http://www.canadahomebuyer.ca/blog/#comment-208 Hi, I have some questions about letting my mortgage lender foreclose on my condo. I live in a condo building that is under extensive, costly renovations. The majority of the renos are to be paid by special assessment. The construction company and the condo board are now tangled in a major dispute and work has stopped. The costs of the project are rising everyday, with no end in sight. This dispute could last many months, or as I am lead to believe, possibly longer. There are leins on the building, legal fees and many other problems. The special assessment amount has already risen by an extra $10,000 to $35,000. Because this dispute has just begun, I believe the fees will rise even higher before the end of it. What I am wondering is this: will the costs and time of a foreclosure be more money with worse circumstances for me if I walk away from this condo? Or, is it better to ride out the construction dispute and incur the seen and unforeseen costs? I've been an owner for 5 years so I have little equity built up and it is an unconventional mortgage. Thank you for your time. Lindsay Hi,

I have some questions about letting my mortgage lender foreclose on my condo. I live in a condo building that is under extensive, costly renovations. The majority of the renos are to be paid by special assessment. The construction company and the condo board are now tangled in a major dispute and work has stopped. The costs of the project are rising everyday, with no end in sight. This dispute could last many months, or as I am lead to believe, possibly longer. There are leins on the building, legal fees and many other problems. The special assessment amount has already risen by an extra $10,000 to $35,000. Because this dispute has just begun, I believe the fees will rise even higher before the end of it. What I am wondering is this: will the costs and time of a foreclosure be more money with worse circumstances for me if I walk away from this condo? Or, is it better to ride out the construction dispute and incur the seen and unforeseen costs? I’ve been an owner for 5 years so I have little equity built up and it is an unconventional mortgage. Thank you for your time.

Lindsay

]]> Comment on Personal Liability of Foreclosure in Alberta by Tracy http://www.canadahomebuyer.ca/blog/abforeclosure/personal-liability-of-foreclosure-in-alberta/#comment-198 Tracy Sat, 10 Dec 2011 02:01:22 +0000 http://www.canadahomebuyer.ca/blog/?p=110#comment-198 Due to health and family reasons we have fallen behind on our mortgage by 2 months; we were able to give them $800 of the money and the other money is available in 2 weeks. What action can the trust company take - we found a Occupancy Check letter in our front door but don't understand what it means and we're not sure if they are trying to foreclose on us. This is the first time we've ever had a problem but it's with a new company so we're not sure where we stand. Due to health and family reasons we have fallen behind on our mortgage by 2 months; we were able to give them $800 of the money and the other money is available in 2 weeks. What action can the trust company take – we found a Occupancy Check letter in our front door but don’t understand what it means and we’re not sure if they are trying to foreclose on us. This is the first time we’ve ever had a problem but it’s with a new company so we’re not sure where we stand.

]]> Comment on Core Values and the Foreclosure Game by bob nordstrom http://www.canadahomebuyer.ca/blog/abforeclosure/core-values/#comment-197 bob nordstrom Thu, 08 Dec 2011 15:42:17 +0000 http://www.canadahomebuyer.ca/blog/?p=170#comment-197 Judges are not human ,they were lawyers first making 3-400 $ per hour and have no idea what working people are facing every day.The injustice system is structured to make lawyers very wealthy. Judges are not human ,they were lawyers first making 3-400 $ per hour and have no idea what working people are facing every day.The injustice system is structured to make lawyers very wealthy.

]]> Comment on Alberta Foreclosure Info by Leo http://www.canadahomebuyer.ca/blog/alberta-foreclosure-info/#comment-196 Leo Tue, 06 Dec 2011 20:58:35 +0000 http://www.canadahomebuyer.ca/blog/#comment-196 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 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

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