Creative Investing with Foreclosures: Appearing in Court and Taking Notes.

mortgage default foreclosure

Podcast Episode 109:

“Foreclosures, Creative Deals, and Court.”

This Tale is about taking good notes when you appear in court as the buyer of real estate in foreclosure. My client was a creative kind of guy and he found a property in Alberta where the mortgage payments weren’t being made. The seller was still living in the home but trying to sell and get out from under the foreclosure. After some conversation, my client put together a creative deal that the seller and the seller’s lawyer both liked. Now, in addition to being in foreclosure, the seller was in way more financial trouble and he had actually filed for bankruptcy…

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Download the handout HERE.
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When to Walk Away from a Real Estate Deal

mortgage default foreclosure

Podcast Episode 82:
Diligence Time Bombs And Letters Of Intent.”

When trying out a new real estate investment strategy, it’s important to know when to walk away. In this Tale, an attendee of one of my creative investing workshops was ready to try an Agreement for Sale, and contacted me for help with a Letter of Intent. The deal turned into a Joint Venture, but there were too many red flags. Our investor walked away, and we can all benefit from the lessons learned!

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

Three Condominium Conundrums (Part 2 of 3)

Podcast Episode 11: “Condominium Conundrums 2/3 – Caveat on my Condominium Title.”

Failure to pay a special assessment allows the condominium Corporation to file a caveat against your title. If you don’t pay the next step by the condominium Corporation is what amounts to a foreclosure. Plus, you will pay the condominium corporations legal fees.

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.

Mortgages and Related Security… How Are You Liable? (Part 7 of 9)

Podcast Episode 7: “Mortgage Basics 7/9 – True and False 1.”

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.