Ontario Tax Sale Property     

Providing free tax sale property listings for Ontario, Canada    


An Industry Of Real Estate Foreclosures - It's Not What You Think




Source: William Teleo - United States

Statistics show that foreclosures are becoming more frequent due to the ever changing conditions of the real estate block. Though most homeowners bought their houses when the rates are still manageable within their income they still have trouble paying off their mortgages. Blame it on the rising prices of commodities while the people's salary remain at their present amount. However, this type of reasoning does not apply to most lenders. Most people with foreclosed properties are left without houses and a tainted credit history. What to do when you feel that your home might be taken away?

Contrary to what you might think, lenders are not really keen to foreclose properties. For one, they are lenders, their forte is to lend money. They are not really equipped to sell foreclosed properties. So it is advisable to contact your lender at the first sign of mortgage payment trouble. Depending on the type of your mortgage and lender, you can work out several options with them rather than foreclosure. The earlier you call their attention to your problem, the more options could be worked out.

The lenders' usual solution against foreclosures is to grant you a suspension of payment. They grant you an option of suspending your dues within a specific time frame so you can assess your financial situation and resume payments. Or as an alternative, they might opt to redesign your payment scheme to suit your current financial fix. To do this, they might lower your monthly dues or change your payment schedule. Either way, you can still continue your obligation without straining your finances. You can also opt for single big payment to update your account and settle your past unpaid dues. This is especially applicable if your housing loan is covered by the government housing agency. This is the most common move of people with accumulated mortgage debts. However, this is only practical for people who expect a large income or for those with a delayed increase in salary. If you expect or better yet, sure of a large sum coming in from one of your sources, this might be the option for you to avoid foreclosures. Remember though, that it is important to continue your payments regularly after that one-time blow-out.

The options I mentioned above are the most practical options if you still want to retain your house and avoid foreclosures. But if it is too late, and foreclosure is the only thing your lender offers you, there are other ways to save face and your credit record. You can choose to put your house on sale and pay your lender with the profit. Since the real estate rates shot up, you can sell your property for an amount that covers your mortgage debt and more. You hit two birds with this one because you can close deal with your lender while having some money to start anew. Another option is to willingly leave the house or move out. This is more of a graceful exit rather than being forced or evicted from your property. You lost your home but it's no reason to lose your pride either.

About the Author

For more valuable information on Miami Foreclosures see http://www.miamiforeclosures.com




Next: The Ins and Outs of Bank Foreclosures

Previous: Foreclosed property! In Real estate



Add to del.icio.us Add to Reddit Add to Digg Add to Del.icio.us Add to Google Add to Twitter Add to Stumble Upon
Add to Informational Site Network
Report
Privacy
SHAREADD TO EBOOK








Android app on Google Play

Tax Sale Property Listings

Canada:
Current Ontario Tax Sale Properties - EBook Guide

Ontario Tax Sales - 2016
Ontario Tax Sales - 2015
Ontario Tax Sales - 2014
Ontario Tax Sales - 2013
Ontario Tax Sales - 2012
Ontario Tax Sales - 2011
Ontario Tax Sales - 2010
Ontario Tax Sales - 2009
Ontario Tax Sales - 2008
Ontario Tax Sales - 2007
Ontario Tax Sales - 2006
Ontario Tax Sales - 2005
Ontario Tax Sales - 2004

Current Alberta Tax Sale Properties

Alberta Tax Sales 2014
Alberta Tax Sales 2013
Alberta Tax Sales 2012
Alberta Tax Sales 2011
Alberta Tax Sales 2010
Alberta Tax Sales 2009
Alberta Tax Sales 2008
Alberta Tax Sales 2007
Alberta Tax Sales 2006
Alberta Tax Sales 2005
Alberta Tax Sales 2004

Nova Scotia Tax Sale Properties

New Brunswick Tax Sale Properties

USA:
New York Tax Sale Properties
Texas Tax Sale Properties

Sheriff's Sales
Ontario Sheriff Sales Properties

Ontario Tax Sale Research

Listing by Date
Listing by Counties, Listing by Districts, Listing by Regions, Listing by Single Tier

* My Properties *


Latest Discussion Posts

>> Re: Gravenhurst Results Nov 15, 2018 by mountainman
>> Re: Re: Gravenhurst Results Nov 15, 2018 by mozzy
>> Re: Gravenhurst Results Nov 15, 2018 by Frank
>> Re: Gravenhurst Results Nov 15, 2018 by bee
>> Gravenhurst Results Nov 15, 2018 by Ion
>> Hamilton Results: by PG
>> Total Newbie..Did a title search on teranet. by ribs
>> Re: I have the rideau lakes title search "coons rd" if anyone wants it. by ribs
>> Re: Re: Re: Re: Re: Kawartha Lakes Result by mountainman
>> Re: Re: Re: Re: Kawartha Lakes Result by mozzy
>> Re: Re: Re: Re: Kawartha Lakes Result by mountainman
>> Re: Re: Re: Kawartha Lakes Result by Dave2
>> Re: Re: Kawartha Lakes Result by mountainman
>> Re: Kawartha Lakes Result by Frank
>> Re: Kawartha Lakes Result by landbaronofthenorth
>> Re: Kawartha Lakes Result by Frank
>> Re: Re: Re: Kawartha Lakes Result by mozzy
>> Re: Re: Kawartha Lakes Result by Dave2
>> Re: Kawartha Lakes Result by mozzy
>> Re: Re: Kawartha Lakes Result by mozzy
>> Re: Kawartha Lakes Result by mozzy
>> Re: Kawartha Lakes Result by Dave2
>> Re: Kawartha Lakes Result by mountainman
>> Kawartha Lakes Result by mozzy
>> Re: Re: Oh Oh - Deed Registration got tougher for Tax Sale Players by Dave2

Visit the tax sale properties discussion boards


Articles

>> Investing In Tax Foreclosed Properties by James Ficarro
>> Buy Real Estate Without Breaking Your Budget by Alex Peterson
>> Native rights claimed in tax sale lawsuit by IAN FAIRCLOUGH Valley Bureau
>> Government Tax Liens by Peter Emerson
>> Property Foreclosure: An Ideal Investment by Stefan Rockhaus
>> Three Ways For Buying Foreclosed Real Estate by Tim Lee
>> Common Reasons People Go Into Foreclosure by Lucy Landley
>> How To Find Investment Properties by Steve Gillman
>> Getting a mortgage to buy a tax sale property - BE CAREFUL! by OntarioTaxSales.ca
>> What You Should Know About Foreclosure Investing by Masni Rizal Mansor

View more tax sale property articles


Other

Tax Sale Property Books
Kindle

Tax Sale Property Links


Follow @taxsalesont



Privacy Policy