Ontario Tax Sale Property     

Providing free tax sale property listings for Ontario, Canada    

Foreclosure Basics

Source: James Smith - United States

The thought of losing your home is one of gut-wrenching pain for many people who are in the predicament of not being able to keep up with their mortgage payment every month. Your day to day activities can be consumed with worry and distraction, not to mention never-ending phone calls from bill collectors. You might ask yourself if you can avoid foreclosing and losing your home?

First, besides losing your home, just what does foreclosure mean?

It is the legal means by which a bank or other creditor to which you owe money, sells or repossesses your home or a piece of real property you may own, due to your default on a promissory note. When your house is foreclosed upon, you must move out and leave your home and find a new place to live. Your home is usually offered for sale at a public auction in order for the lien holder to make enough money back to cover, or pay for, their lien on your property. Once the property is sold, it is said that the lender or lien holder has foreclosed it's lien.

There are many full and part time real estate investors who look for foreclosure sales all over the country. They hope to gain profit by picking up a foreclosed upon home at less than market value and then later resale it at a profit.

There are two usual types of foreclosure in most common law states. Under "strict foreclosure," the bank claims the title and possession of the property back in full satisfaction of a debt, usually on contract. In the proceeding simply known as foreclosure, the property is exposed to auction by the county sheriff or some other officer of the court. Many states require this latter sort of proceeding in some or all cases of foreclosure, in order to protect any equity the debtor may have in the property, in case the value of the debt being foreclosed on is substantially less than the market value of the property. In this type of foreclosure, a deed is issued to the winning bidder at auction. Banks and other institutional lenders typically bid in the amount of the owed debt at the sale, and if no other buyers step forward they get title to the property in return.

However, some states utilize non-judicial foreclosure proceedings, in which the mortgagee, gives the homeowner a legally specified notice of the default and the mortgagee's intent to sell the property. If the homeowner fails to satisfy or pay off the debt, its default, or use other lawful means, such as filing for bankruptcy to stop the sale, the mortgagee or its representative will conduct a public auction in a similar manner as the auction described above. The highest bidder at the auction becomes the owner of the property free and clear of any interest of the former homeowner.

Useful Tips To Avoid Foreclosure

* Do not ignore letters or contact from your lender and show good faith. If you are having problems making your payments, call or write to your lender's Loss Mitigation Department without delay. Explain your situation, let them know that you want to work this out and see what assistance they might be able to lend.

* Do not yet leave your home. Leaving may disqualify you from assistance.

* Contact a HUD-approved housing counseling agency. Call (800) 569-4287 for the housing counseling agency nearest you. These agencies are valuable resources and they frequently have information on services and programs offered by Government agencies as well as private and community organizations that could help you. The housing counseling agency may also offer credit counseling. These services are usually free of charge, and they can help explain possible alternatives.

Possible alternatives you may consider include:

Special Forbearance. Your lender may be able to arrange a repayment plan based on your financial situation and may even provide for a temporary reduction or suspension of your payments.

Mortgage Modification. You may qualify if you have recovered from a financial problem and can afford the new payment amount.

Partial Claim. This will allow you to avoid foreclosure by selling your property for an amount less than the amount necessary to pay off your mortgage loan.

It is critical that you are sincere about your intent to satisfy the lien on your property, and are willing to make changes and sacrifice to carry it out. Most banks and lienholders would rather work out a mutually beneficial solution with you, than having to go through foreclosure proceedings.

About the Author

James Smith publishes information on foreclosure properties. For more information visit http://www.foreclosures-i.com/. This article may be freely reprinted as long as the author's resource box and url links remain intact.

Next: Save Big Time Buying A Foreclosure

Previous: A Real Estate Formula

Add to Informational Site Network

Tax Sale Property Listings

Current Ontario Tax Sale Properties - EBook Guide

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

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

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: Re: Dysart et al Results? by mountainman
>> Re: Dysart et al Results? by Jayz
>> Re: Dysart et al Results? by mountainman
>> Dysart et al Results? by Jayz
>> Re: Looking for user . M Lee by Pfm1011
>> Re: Looking for user . M Lee by john07
>> South River Results and Contact the City to Get Your Deposit by QueenAwesomesauce
>> Napanee Results by Pfm1011
>> Is any member is selling a SW ontario factory, of up to 40,000sf, with acreage?? by Ernestbidder
>> Re: lets get back to business by bee
>> lets get back to business by Dave2
>> Re: What's the best item you have found in a tax sale property? by QueenAwesomesauce
>> Re: Re: - true coffin story by Dave2
>> Why you need to get a very good deal on a tax sale by QueenAwesomesauce
>> Re: Tax sale has no fun no bargain anymore! by QueenAwesomesauce
>> Re: Tax sale has no fun no bargain anymore! by Jayz
>> Tax sale has no fun no bargain anymore! by Jayz
>> Re: Re: What's the best item you have found in a tax sale property? by Dave2
>> Re: What's the best item you have found in a tax sale property? by Jayz
>> What's the best item you have found in a tax sale property? by QueenAwesomesauce
>> Re: Tax Sale Lawyer Review by QueenAwesomesauce
>> Re: Tax Sale Lawyer Review by mountainman
>> Tax Sale Lawyer Review by QueenAwesomesauce
>> Re: Re: Private property vs the road allowance by mountainman
>> Re: Private property vs the road allowance by karriebell

Visit the tax sale properties discussion boards


>> Free Foreclosure Listings - Can You Find Good Foreclosed Homes On Free Lists? by Carrie Reeder
>> Buying Cheap Real Estate Properties At State Auctions by Tim Lee
>> Foreclosure in California by Gerald Justice
>> Foreclosing on Your Tax Lien by Joanne Musa
>> The Pros And Cons To Buying Foreclosed Properties by Tim Lee
>> Foreclosed Properties by Wilson Davalos
>> Tax sales that get cancelled--how to protect yourself by OntarioTaxSales.ca
>> How To Avoid Negative Equity In Real Estate Investment Financing by Joel Teo
>> The Basics Of Foreclosure by Dr. William Noel
>> What You Need To Know About Real Estate Foreclosures by Michael Contaro

View more tax sale property articles


Tax Sale Property Books

Tax Sale Property Links

Follow @taxsalesont

Privacy Policy