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Hi, I’m an aspiring real estate investor, and I was wondering how I would find public records of payment defaults. I’ve read about people finding such things at a courthouse but I’m not too sure about how it works. Any info about this for the Peel region, in Mississauga,Ontario would be best, but all answers are welcome. Thanks!
You must have been reading American books or gone to a U.S.-based seminar that told you you could find pre-foreclosure properties. In Canada, and Ontario in particular, these notices of default are not public documents. The normal process would be: after several letters from the mortgage holder to the mortgagee warning of the consequences if payment is not brought up to date, the mortgage holder can either take the Power of Sale route or the Foreclosure route. Power of Sale is much more common because the lender can recover more of the outstanding amount.
When you refer to the courthouse, what you really mean is the Land Registry Office or Land Titles Office, where documents get filed by lenders or other debt holders to either encumber a property or to take over title to it.
If you are interested in this method of buying real estate (which comes with a lot of things that you cannot control), I recommend that you get your hands on a book called Non-Traditional Methods of Buying Real Estate in Ontario by Paul Gordon.
But a smarter way is to learn a proven system such as taught by the Real Estate Investment Network (REIN). See the link below.
In this video I will tell you about the FHA 203K streamline loan, which allows home buyers to finance in the cost of fixing a home up into their primary mortgage.
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Dawn Welsh a 54 year grandmother is raided in her own home, for what…owning her own home. If this sounds like something straight out of the Twilight Zone, well welcome to America in 2009. Listen as the fascist U.S. government steals an American grandmother’s home and terrorizes her!!!!!
Dawn Welsh of Hillsboro, MO Arrested for Trespassing in Her Own Home After Supposed Mortgage Scam. Dawn Welsh knows her house was paid off. She received paperwork from the original mortgage company showing it was paid off. However through a fraudulent conversion of the mortgage, Wachovia Bank claimed authority of the mortgage and then claimed Welsh still owed on her home despite her having proof from the original bank that the note was paid in full.
Today, Hillsboro, Missouri police came onto her property and broke her door down to remove her from her property.
They used a battering ram to enter her home, despite her showing evidence that she owned the property. She had gone to court previously and showed a judge the mortgage was paid in full, and it is a record of the court.
However, these are desperate times for the fraudulent vampirian banksters and they will go after anyone they want, threatening innocent hard-working Americans at every turn. And to top it off the Hillsboro sheriff was an accomplice to this crime, executing the fraudulent crime and rubbing it in further by seizing all of the 54-year-old woman’s possessions.
When these mortgages are sold from the original mortgagee to another bank, an illegal conversion takes place. No valid contract is ever initiated between the mortgage holder and this new entity. In fact many people wind up in court after they are told they owe more money on their homes after a series of mortgages being pushed back and forth through the mortgage process.
Ref: http://worldreports.org/news/108_subprime_slide_that_masks_fraudulent_finance
Wachovia Mortgage took over the mortgage and said they weren’t going to honor the paperwork from the previous mortgagee and continued to harass this woman. So we have a woman with the proper papers showing her house is paid off with the police and the courts ignoring the paperwork.
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A home mortgage with one larger payment at some point is called a balloon loan. This type of mortgage is usually on a second mortgage. With these mortgage loans, most people will sell or refinance before the balloon payment is due. Watch this Expert Real Estate Tips video about these special mortgages and find out if a balloon loan is right for you.
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