Ontario Tax Sale Property     

Providing free tax sale property listings for Ontario, Canada    


Foreclosure 101




Source: Robert Thatcher - United States

Foreclosure is a legal process wherein a bank or a creditor takes ownership on a real property because the owner was no longer able to comply with the promissory notes that were issued to him. Once the process has been completed, it usually means that the lender has foreclosed the mortgage.

There are two types of foreclosure in most states in the United States. The bank claims ownership of a property and takes hold of the title with the use of "deed in lieu of foreclosure" to satisfy ones debt. This is usually done in a form of a contract. On the other hand, the foreclosure proceeding, one property is placed into an auction held by an officer in court. This proceeding is used in most cases to protect the equity the owner has in the property.

Foreclosure happens when a payment on mortgage has been missed. The property is used to cover the amount owed to a bank or a credit. There are some cases wherein the value of the property is not enough to satisfy ones debt. This leads a person to losing a property and at the same time still owing a balance on the creditor or bank. Foreclosure proceedings have negative effect on ones credit records and might impact future decisions. That is why it is important to avoid foreclosure as much as possible.

It is very important to not ignore notices sent by a mortgage company. If there are problems and difficulties in making payments, it is best that the person contact the creditor immediately. Everything may be settled and agreed upon once the situation has been explained. It is important to provide them with documents that may prove the person's financial situation.

There are also other options that may be considered to avoid foreclosure of properties.

1. One option that may be considered is the Partial Claim process. In this option, the mortgage company can help the borrower to negotiate and obtain a loan that is interest free. Qualifications include loans that have four months delinquency but not more than 12 months. The mortgage should also not be in a foreclosure status and the person should be able to begin payments in full. This will help the person in making the mortgage in a current status. A promissory note is also issued but is free of any interest.

2. Special Forbearance may also be an option to avoid foreclosure of property. In Special Forbearance, a mortgage company can talk out with the borrower before resorting to foreclosure. However, the agreements may vary depending on the creditor.

3. One may also resort into filing a bankruptcy to avoid foreclosure. Most lawyers advise their clients to file for bankruptcy. This is better than allowing one property to be foreclosed. However, borrowers may still be stuck in having bad credits even after they have filed bankruptcy. That is why it is important that the person always consult any decision with a lawyer.

4. Selling the property is also one option. It is recommended that the borrower should contact a real estate agent who is experienced with foreclosure investments.

One major step in avoiding foreclosure is by being responsible in all the debts that are owed. There are times that unexpected finances occur and the borrower should be responsible enough in informing the creditor about it. Foreclosures may be avoided if borrowers are responsible and alert in looking into their debts.
About the Author

Robert Thatcher is a freelance publisher based in Cupertino, California. He publishes articles and reports in various ezines and provides foreclosure resources on www.your-foreclosure-resource.info.




Next: How To Find Free Lists of Foreclosures Houses

Previous: Purchasing my first Forclosure



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

>> Georgia Foreclosure Listings - A Delightful Housing Option by Will Grant
>> How Experienced Investors Find Foreclosures by D. Brownlee
>> THE SALE OF TAX DEFAULTED PROPERTY For California, USA by California Tax Department
>> New York City Annual Sale - 2006 by New York City
>> Zeitel v. Ellscheid - Supreme Court of Canada by LexUM w/ Supreme Court of Canada
>> Government Tax Liens by Peter Emerson
>> Don't Buy Tax Lien Certificates Unless You've Done Your Homework! by Joanne Musa
>> Hud Foreclosures - Finding A Foreclosed Hud Home Online by Carrie Reeder
>> Save Big Time Buying A Foreclosure by J. Brian Keith
>> Reasons of Getting Rich by Buying Pre-foreclosure by Shawn Daren

View more tax sale property articles


Other

Tax Sale Property Books
Kindle

Tax Sale Property Links


Follow @taxsalesont



Privacy Policy