| cl | | | | Foreclosed homes in Canada are sold in two ways: |
| Reason for Foreclosures is simple. Home owners are | | | | ⢠Courthouse Auction sale: Check with the |
| not able to make mortgage payments. The reasons | | | | Courthouse assistant to verify available sales and |
| could be various- Job loss, divorce, ill health â | | | | dates. If the bids do not cover the mortgage |
| in short, a change in financial situation. Further to the | | | | balance, usually the bank or any other mortgage |
| above reasons, it is the booming real estate market | | | | lender will buy out the property. But one cannot buy |
| in prior years and global financial down turn and crisis. | | | | such a property as the balance of the mortgage |
| People have refinanced their homes by pulling out | | | | payment has to be made on the date of the sale. |
| available cash for increased mortgage payments from | | | | House inspection is not possible prior to the purchase. |
| their equity and are unable to make those payments | | | | You have to take it as it is. |
| for various reasons. | | | | |