*** This Strategy Is No Longer Available Since Citi Financial Pulled Out *** As of Oct 15th, 2008, if you have been following the mortgage news, there will be no more “zero” down payment insured by CMHC, AIG, or Genworth. Although not many people know that they can purchase property with 0%, it is [...]
Filed under: Foreclosure, Zero Down Mortgages | Leave a Comment »
The typical redemption period is 6 months maximum in BC. During the redemption period, the property owner can seek alternative financing (if there is equity still in the property), or to sell the property during the period before the redemption ends (before the court -order sale). Click the chart below to read the details of foreclosure [...]
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A few major reasons for mortgage defaults are:
- Marriage breakdown- Loss of employment / failure of business- Over extended credit / people living beyong their means- Revenue Canada judgement / other large judgement- Health problem / addiction / substance abuse
When you are in arrears for mortgages, it is the best to first contact the lender [...]
Filed under: FAQ, Foreclosure, Private Lending | Leave a Comment »
There are numerous alternative lenders. If you are turned down by a bank, chances are there are alternative lenders for you. Keep in mind, the interest rate sometimes will be slightly higher. but it also helps you purchase the house you want now.
Here are a few scenarios and the alternatives matching products:
1. Low credit score
Banks [...]
Filed under: Bank Turn Downs, Foreclosure, Private Lending | Leave a Comment »
