regarding pre-foreclosure

Foreclosures, Short Sales, Tax Foreclosures
1

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

2

Please do not post your email address in your posts!

3

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?

4

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

5

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

6

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…

7

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.

8

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!

9

Joeboo,

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

Keith
Moderator

10

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.

11

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.

12

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.

13

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

14

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

15

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.

16

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.