Ontario Tax Sale Property

Providing free tax sale property listings for Ontario, Canada


Foreclosure 101
Source: Robert ThatcherUnited 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.




Tax Sale Property Listings

Ontario:
Current Ontario Tax Sale Properties
Ontario Tax Sales - 2021
Ontario Tax Sales - 2020
Ontario Tax Sales - 2019
Ontario Tax Sales - 2018
Ontario Tax Sales - 2017
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

Alberta:
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

Nova Scotia:
Nova Scotia Tax Sale Properties

New Brunswick:
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: Execution Search Results by Pfm1011
Execution Search Results by scarferitchiegroup
Brock result by Pfm1011
Toronto Tax Sale by rob
Re: Interesting bid by Dave2
Interesting bid by Jayz
Re: Re: Re: Interesting read - Vendor takeback Mortgage Danger by Dave2
Re: Re: Interesting read - Vendor takeback Mortgage Danger by Jayz
Re: Interesting read - Vendor takeback Mortgage Danger by Dave2
Interesting read by Frank
Re: Re: Re: Tax sale has no fun no bargain anymore! by Dave2
Re: Re: Tax sale has no fun no bargain anymore! by daftdaft1996
Re: Minden results October 1st 2021 by John_yjt
Re: Re: Dangers of the game Elizabethtown Kitley / Georgian Bluffs by Pfm1011
Re: Re: Dangers of the game Elizabethtown Kitley / Georgian Bluffs by Dave2
Re: Dangers of the game Elizabethtown Kitley / Georgian Bluffs by Jayz
Re: Dangers of the game Elizabethtown Kitley / Georgian Bluffs by dm1974
Re: Dangers of the game Elizabethtown Kitley / Georgian Bluffs by Jayz
Dangers of the game Elizabethtown Kitley / Georgian Bluffs by Pfm1011
Re: Tiny Toronto Tax Sale Property Comes On The Market by Ernestbidder
Re: Looking for a couple of sale results by dm1974
Re: Tax sale has no fun no bargain anymore! by davidson02
Re: Tiny Toronto Tax Sale Property Comes On The Market by daftdaft1996
Re: Revision - Lots of Sherriffs sales this week by daftdaft1996
Re: Madoc - 1 - Lets get real for a minute by daftdaft1996

Visit the tax sale properties discussion boards

Articles

Don't Buy Tax Lien Certificates Unless You've Done Your Homework! by Joanne Musa
Purchasing my first Forclosure by Jonathan Cochran
Real Estate Auctions Online: A Great Way to Earn and Save Money! by John Lee
Save Big Time Buying A Foreclosure by J. Brian Keith
Investing In Tax Foreclosed Properties by James Ficarro
Dying To Buy A Home? Dealing With Bad Credit by Connie Barker
Common Reasons People Go Into Foreclosure by Lucy Landley
Time to Buy a Foreclosure by Adam Smith
Get Ready to Shop for Foreclosures by Jason Murphy
Foreclosed property! In Real estate by Alex Tonel

View more tax sale property articles