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Updated almost 9 years ago on . Most recent reply

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Ellis San Jose
  • Rental Property Investor
  • Westlake Village, CA
776
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Anyone know hard money lender for Canada?

Ellis San Jose
  • Rental Property Investor
  • Westlake Village, CA
Posted

I was contacted by someone in foreclosure in Canada and she needs resources for private/hard money.

Thanks

Most Popular Reply

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Roy N.
  • Rental Property Investor
  • Fredericton, New Brunswick
4,300
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Roy N.
  • Rental Property Investor
  • Fredericton, New Brunswick
ModeratorReplied

@Ellis San Jose

Nova Scotia uses judicial foreclosure and though they have a "simplified" path through the courts for most cases, it's still long and arduous.  

Mortgage arrears are traditionally very low (<0.5%) in Canada and actual default lower still. In the case of Owner Occupants, lenders will usually work with the borrower.   If the owner has only been served a Demand Letter, then s/he will have more flexibility to work out terms with the lender.   If the lender has filed a Notice of Action/Statement of Claim, the owner is noted in default, options are limited.

I'll send you some options via PM.

  • Roy N.
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