regarding pre-foreclosure

so, pre-foreclosure is good, sweet, money maker, nut cracker. great!

how do we find it? i am sure people ask, hoping to get a free answer. i believe in work hard to find solutions, but i am at the end of my wits. here are the things that i have done.

i’ve heard that you can obtain leads to pre-foreclosure properties in public court house. (ie. reference from “how to raise millions…” by Alex) so i went to city hall, asked around, went to a couple court houses, but nobody knows anything about it. i did though find probate leads and bankrupcy leads.
so, thinking that maybe loan officers from banks may be know a thing or two, (dumb idea?) i went to talk to a couple loan officers, and obviously got shut down because of confidentiality issue.

so, pre-foreclosure list is just an urban legend? Oh by the way, i am in Toronto, Ontario. its important to let you know.

while i am sure the system in the states might be different, is there absolutly no way to get a pre-foreclosure list in Canada? beside actually knowing loan officers personally and get a deal handed under the table? or a lucky referal from friends or agents once every few years?

anyone out there know the answer to this question? a “yes” or “no” will be appreciated!! if there is a possible way, who should i seek out so that i may attain a hint legally?

a pro investor who was conducting seminar in Toronto said that every month you are looking at 14000 foreclosures in ontario region!!! that may be a bit exaggeration, still, where the hell do i find them!!!

yes, now i am totally in the average frustrated chump list. but i will pay to know a way to obtain the list!
oops, i forgot, i have no money.

well, at the end of my desperation, maybe a miracle can happen and someone here may give me a hint.

wish everyone the best.
An Apprentice Warlord
Daniel

Please do not post your email address in your posts!

i should had rephrased my question, how or who do you talk to in your state to get tips? or where might be a good place to search for?

What happens if you Google “foreclosure lists” or “foreclosure listings”? What ads do you see on the top and right?

Paul…
thats very good to know…err… unfortunately Canada dont seem to have that service. A market niche maybe? some of you investors should come up and provide that service.

anyways, after hours of intense research, i have found the answer!!

i have learned an important lesson today, dont believe everything you hear even from so called “professionals”. that @&*$@^#$ moron bank loan officer almost made me lose millions.

cheers. moving on to my investment carrier.

An apprentice warlord.
Daniel

I am a loan officer. And I do come across many pre-foreclosure deals, especially these days.

When you’re trying to recruit an LO to be a lead source, you need to phrase the proposition as “what’s in it for them?” Tell them you’re a real estate investor and that you pay $500-$1000 on every CLOSED deal that you’re provided.

Remember, LO’s want to be able to help these people, but b/c of the borrower’s own bad decisions or shady loan or whatever, they’re close to foreclosure. When you short-sale a property, it’s a win-win-win for the borrower, the bank, and the investor.

Every lead source that you try to develop, remember to approach them w/ the mantra of “what’s in it for them!” WIIFT or WIIFM (what’s in it for me).

Just a little advice…

true.
thanks for the advice. in fact i was thinking about it last night.
as a loan officer, if you make a bad loan, does that affect you negatively? i mean for example your boss would keep a close record of every LO’s bad loan ratio.

Your question almost doesn’t deserve a response. But it does…

Do you think I value my job? Do you think I’m out to screw every borrower I come into contact with? Bad loan ratio? Do you have to qualify for that?

What the hell are you talking about?!

75% of my business is referrals! Do I get referrals if I make ‘bad loans’? Not every LO out there is out to screw people, despite what you might think!

Joeboo,

Please review the Forum Rules and play nicely in the sandbox…

Keith
Moderator

i have nothing against LO nor did i intend to insult. apology.

here is an update, pre-foreclosure (and/or foreclosure in process) is confidential in Canada. officials or lenders are not supposed to give info out. it took me 2 days to figure that out…very discouraging.

not that most people here are concerned :), but if you ever think of moving north to invest in a different country, it is good to know.

Lenders don’t give out that information at all.

Here is what I am trying to do:

Lenders / collection departments send files to lawyers so that the lawyers will file the notice of default. This is about after 3 months of behind payments.

Lawyers filing this notice of default MUST be filed somewhere. There absolutely has to be a list and I am convinced of this even though I haven’t found it yet.

Not sure how it works in Ontario Toronto though.

I am telling you. Lenders keep that confidential. But once they outsource it to a lawyer firm, that info HAS to be public somehow.

The more difficult it is to obtain a list, the BETTER.

No one in Montreal is doing what I am doing as good as me.

Once I get that list which I am convinced I will get, or when I saturate the entire island with enough marketing…

There will be no competition whatsoever like it is in the United States.

i totally understand what you are saying. in fact i am still searching for a couple of leads…i.e. trying to find a title company see what info they have.

the key difference between Quebec and Ontario foreclosure is that, in Quebec, most likely a LAWSUIT starts the foreclosure process, and court is extensively involved in the process. where as in ontario, they only sent out a notice of default. (see foreclosure.ca for reference)
so i would guess a lawsuit is definitly public…only thing is, it would be difficult to get it in the form of a list.

i read the entire Ontario mortgage Act trying to find out about privacy issue…do u know how frustrating that is for an ESL student? lol

oh wait, hold that thought. maybe not Quebec is the same as Ontario after all.

I am determined to find some sort of list and will walk the edge of the fine line between illegal / legal to get it.

Collection departments send the files to the lawyers so the lawyers will send a notice of default to the homeowners.

This stuff MUST BE FILED SOMEWHERE and I am fighting tooth and nail to try and get a list.

Rest assured, Tien will find it.

Well I did some digging…I came up with a good piece of information that may be able to help. At least hopefully. Here’s the link: http://db.inman.com/inman/content/subscribers/inman/column.cfm?StoryId=010704fo&columnistid=obrien

Searched under foreclosure sales in canada.