I have been looking EVERYWHERE to find out where I can buy foreclosed homes. Can anyone help out or give me any suggestions. Again, I am in Ontario, Canada. Thanks all!!
Thanks for the quick response but I have already exhausted that search. Google does not take me very far, it is a never ending stream of ads that gets me nowhere.
cjmazur...THANK YOU for your patience. I am doing a lot of reading aresearch on "power of sale". Just a couple questions for you AGAIN.
"Both types of power of sale are started by giving a notice to the borrower after 15 days of default. The notice must be given to anyone having an interest in the property, including subsequent encumbrances, statutory lien holders, or people who have advised the lender in writing, that they have an interest in the property."
Where do I go to view the properties? Do you go to the courthouse and just ask them?
Again. thank you for your patience. I am doing a lot of research but am looking for more accurate and final steps to take. I really appreciate your help.
Make sure that the first is the one foreclosing. I have laughed a few times when an unsavvy investor bid at auction when the 2nd was the one foreclosing
I have seen this before as well, where all liens had the same recording time. However, the record numbers are different, and show order of right. Same idea as page number as mentioned above.
In my neck of the woods, if you want to refi the first only, you will have to get a subordination agreement from the second, or third befiore the transaction can be made.
read the mortgages carefully sometimes the first recorded may have a subordination clause even though it is recorded first it will be second this is seen sometimes with two loans from the same lender such as a mortgage and home equity line filed at the same time
lately it seems everyone is at the foreclosure sales in NJ and the property is bid up so high that everyone is paid off 1st, 2nd, 3rd, liens, taxes, judgements etc. and even the homeowner is making money. a home owner had a house on the market for over 6 months with no sale at the auction it fetched a nice premium, but every house and every area is different.
google gave a tons of hits..
http://www.google.com/search?sourceid=navclient&ie=UTF-8&rls=GGLJ,GGLJ:2006-41,GGLJ:en&q=Ontario+foreclosure
Thanks for the quick response but I have already exhausted that search. Google does not take me very far, it is a never ending stream of ads that gets me nowhere.
What info are you looking for?
the judicial and power of sale is very similar to california.
http://www.foreclosures.ca/realtors/foreclosure_proceedings/index.lasso
cjmazur...THANK YOU for your patience. I am doing a lot of reading aresearch on "power of sale". Just a couple questions for you AGAIN.
"Both types of power of sale are started by giving a notice to the borrower after 15 days of default. The notice must be given to anyone having an interest in the property, including subsequent encumbrances, statutory lien holders, or people who have advised the lender in writing, that they have an interest in the property."
Where do I go to view the properties? Do you go to the courthouse and just ask them?
Again. thank you for your patience. I am doing a lot of research but am looking for more accurate and final steps to take. I really appreciate your help.
Make sure that the first is the one foreclosing. I have laughed a few times when an unsavvy investor bid at auction when the 2nd was the one foreclosing
I have seen this before as well, where all liens had the same recording time. However, the record numbers are different, and show order of right. Same idea as page number as mentioned above.
In my neck of the woods, if you want to refi the first only, you will have to get a subordination agreement from the second, or third befiore the transaction can be made.
read the mortgages carefully sometimes the first recorded may have a subordination clause even though it is recorded first it will be second this is seen sometimes with two loans from the same lender such as a mortgage and home equity line filed at the same time
lately it seems everyone is at the foreclosure sales in NJ and the property is bid up so high that everyone is paid off 1st, 2nd, 3rd, liens, taxes, judgements etc. and even the homeowner is making money. a home owner had a house on the market for over 6 months with no sale at the auction it fetched a nice premium, but every house and every area is different.
In my experience, NO SECOND or subordinate mortgage or lien is automatically wiped out in foreclosure.
They all need to be listed as defendants, served and given a chance to respond.
If they are not mentioned and served, the Courthouse buyer may have to reforeclose in order to clear the title to the property.
[addsig]
Interesting, so how then when the foreclosure occurs, the auction is held and the deeds of trusts are eliminated are the debts secured?
Do you still have to pay the debts if you buy the 1st at an auction?
If any mortgage is recorded at the same time, there are got to be at least 5 impossible veriables to take place. Not possible.
[ Edited by bargain76 on Date 06/01/2007 ]