What to Do About Foreclosure

mortgage default foreclosure

Podcast Episode 75:
Help, I Can’t Make My Mortgage Payments!”

To mark the 75th episode of Tales from the Trenches, we have a Special Extended Edition all about foreclosures. This Tale is so packed full of helpful information that it had to be nearly half an hour long! The recent economic downturn in Alberta triggered by a collapse in oil prices means that many people are faced with a dilemma: what do you do if you can’t make your mortgage payments? It’s best to be proactive and not wait for the bank to come calling, and this Tale will help you figure out some options. We’ve also got some creative solutions for real estate investors that can help them keep their businesses above water in tough times.

Download the audio file HERE and the text/handout HERE.
(control click or right click + save as)

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Plan B $$$

Podcast Episode 48:
Plan B.

Money and financing are essential parts of any real estate transaction. Always make sure to have a backup in order to make sure that you can still close a deal… just in case your first choice for financing dissolves!

Download the audio file HERE and the text/handout HERE.
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Mortgage Madness

Podcast Episode 47:
Lender Lessons.

Let’s look at five different aspects of ensuring financial success for your real estate business. Banks like things plain and simple. You need to deal with conditions on a mortgage and names on the title before you can close. Make triple sure you are unconditional before removing ‘subject to’ from your contract. You also need to make sure to disclose to your lender any ‘creative’ approaches to investing.

Download the audio file HERE and the text/handout HERE.
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Financing Facts

Podcast Episode 46:
Current Realities.

Lending policy changes, as does the interpretation of existing rules and regulations. Make sure you stay on top of the current situation with your lender, the government, and market conditions.

Download the audio file HERE and the text/handout HERE.
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Quitclaims and Foreclosures

mortgage default foreclosure

Can I Give a Property Back to the Bank?

With the economic downturn and fluctuating property values, I get lots of questions here at RMLO Law LLP about the legal concept of a ‘Quitclaim’.

The typical scenario is one where the property is worth less than the current mortgage value and has what appears to be permanent negative cash flow. The questions I get revolve around property owners who have done everything they can to make the property work for them, but it just doesn’t. They can’t keep the property so they have to do something else. Foreclosure is looming. As owners start to investigate what their options are, their research brings up the notion of ‘quitting one’s claim’.

A Quitclaim is a legal document that states you have no further claim to something, in this case a property.

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Mortgage Default

mortgage default foreclosure

My Mortgage Is In Trouble—What’s Next?

The 2007 collapse of Alberta’s real estate boom caught a lot of homebuyers by surprise. There hadn’t been a major collapse in the real estate market since 1980, then triggered by the still hated National Energy Program. Many homebuyers—both owner-occupiers and investors—had little experience in 2007/08 when prices came crashing down. As late as 2012, we were still experiencing 07/08 ‘crash backlash’, which in 2015 has been aggravated again by falling oil prices.

Luckily it’s not as bad as the 1980s, but many folks are still rightly concerned. We get a lot of questions about mortgage default. How long does it take the bank to foreclose? What if the mortgage is now worth more than the property? Can I use a Quit Claim to get rid of the property? A very good client suggested, and I agreed, that it would be worthwhile to discuss some of these issues a little bit more. Following are a series of questions from my client and answers by me. Continue reading

The Basics: Is It Black, White, or Grey? (Part Two)

Podcast Episode 27:  “Is It Black, White, or Grey? (Part Two).”

A discussion of how to describe real estate situations as black (bad, stay away), white (legitimate, perfectly okay) or grey (uncertainty, could be offside, heading for black). Five real-life scenarios that illustrate the concepts of black, white or grey. Learn to tell the difference and stay away from mortgage fraud.

Download the audio file (Mac control + click + “save as” / PC right click + “save as”) HERE.

The full-text version of this Tale from the Trenches can be found HERE.

Contact Barry McGuire now. Alberta real estate needs an Alberta lawyer.

The Basics: Is It Black, White, or Grey? (Part One)

Podcast Episode 26:  “Is It Black, White, or Grey? (Part One).”

A discussion of how to describe real estate situations as black (bad, stay away), white (legitimate, perfectly okay) or grey (uncertainty, could be offside, heading for black). Five real-life scenarios that illustrate the concepts of black, white or grey. Learn to tell the difference and stay away from mortgage fraud.

Download the audio file (Mac control + click + “save as” / PC right click + “save as”) HERE.

The full-text version of this Tale from the Trenches can be found HERE.

Contact Barry McGuire now. Alberta real estate needs an Alberta lawyer.

Mortgages and Related Security… How Are You Liable? (Part 9 of 9)

Podcast Episode 9: “Mortgage Basics 9/9 – True and False 3.”

The final installment of how mortgages work in Alberta including discussions of conventional mortgages, high ratio (CMHC) mortgages, personal guarantees, enforceability, assumptions and foreclosures. Also includes 10 very useful true and false questions and an explanation of the court process around a foreclosure.

Download the audio file (Mac control + click + “save as” / PC right click + “save as”) HERE.

The full-text version of this Tale from the Trenches can be found HERE.

Contact Barry McGuire now. Alberta real estate needs an Alberta lawyer.

Mortgages and Related Security… How Are You Liable? (Part 8 of 9)

Podcast Episode 8: “Mortgage Basics 8/9 – True and False 2.”

A continuation of how mortgages work in Alberta including discussions of conventional mortgages, high ratio (CMHC) mortgages, personal guarantees, enforceability, assumptions and foreclosures. Also includes 10 very useful true and false questions and an explanation of the court process around a foreclosure.

Download the audio file (Mac control + click + “save as” / PC right click + “save as”) HERE.

The full-text version of this Tale from the Trenches can be found HERE.

Contact Barry McGuire now. Alberta real estate needs an Alberta lawyer.