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Foreclosure advice

believer26

Member
Sep 18, 2007
99
4
8
I have a secondary property that I rent out and it has become unsustainable without some serious re-investment, that I don't have. My first choice at this point is to carry it until I can sell it. If I can no longer carry it, what are the consequenses of foreclosure? ie expenses, my credit rating, my future ability to purchase?
 

JohnHenry

Well-known member
Aug 27, 2003
1,290
247
63
rural ontario
https://homeownersoon.com/foreclosure-rules-in-canada/

And this from the above link:
Many Canadians wonder what steps need to be taken if they find themselves on the brink of Power of Sale or Foreclosure. It is worth mentioning that, unlike the United States of America, you don’t have the specific option to turn in your keys and just walk away.
In Canada, the homeowner has to handle the mortgage debt, and not the lender. Moreover, the lender can take necessary steps to recover the money from a homeowner, including garnishing wages.
 

farquhar

Well-known member
Jan 25, 2019
994
743
93
I had thought Alberta and Saskatchewan were the exceptions to this; it's my understanding that as long as you have a conventional mortgage (20% downpayment, no CMHC) in those provinces, you can surrender your keys to the Bank.

I'm guessing however that OP is in Ontario; so, once he is 90 days in arrears then his lender initiates Power of Sale. The lender is obliged to sell the property for the best price it can; OP would be personally responsible for the shortfall.
 

Davious

Active member
Feb 5, 2009
580
35
28
I have a secondary property that I rent out and it has become unsustainable without some serious re-investment, that I don't have. My first choice at this point is to carry it until I can sell it. If I can no longer carry it, what are the consequenses of foreclosure? ie expenses, my credit rating, my future ability to purchase?
I've seen lawyers bill up the ass during foreclosure and eat up any equity left so the owners have nothing left.

My advice sell the property and take a hit if you can't afford to carry it. Get back as much as you can.
 

deezed

Corvette Cowboy
Dec 18, 2014
199
3
18
I've seen lawyers bill up the ass during foreclosure and eat up any equity left so the owners have nothing left.

My advice sell the property and take a hit if you can't afford to carry it. Get back as much as you can.
I am in the industry and your advise is the best and only good move to make under this scenario . Poster please head this advise .
 

HOLLYWOODG

Well-known member
Dec 11, 2016
1,206
39
48
I have a secondary property that I rent out and it has become unsustainable without some serious re-investment, that I don't have. My first choice at this point is to carry it until I can sell it. If I can no longer carry it, what are the consequenses of foreclosure? ie expenses, my credit rating, my future ability to purchase?
PM me the details if you do decide to sell. Perhaps, we can cut out the agent commissions if we strike a deal.
 

Smallcock

Active member
Jun 5, 2009
13,703
21
38
How much would you sell it for?
 
Ashley Madison
Toronto Escorts