Notes that are paid off are not run through a closing attorney or solicitor and you just keep the money.. and report the gain.. many benefits to loaning in BCwhat's not good in BC about loaning though is if you have to foreclose that is much tougher than US>. but Canadians pay their mortgages not like US folks that default at the drop of a hat.

in the event the buyer defaults of stops paying for 5 months and im forced to begin foreclosure proceedings, what should i expect...i know its a long drawn out process. i know it can be expensive (possibly how much worst case scenario)  but in the end, the home will be mine, correct??

in the event the buyer defaults of stops paying for 5 months and im forced to begin foreclosure proceedings, what should i expect...i know its a long drawn out process. i know it can be expensive (possibly how much worst case scenario) but in the end, i will have the first lien against the home and my interest are secured? 

UPB + Arreage ( if in default ).

What is the default in a situation like this?  

I am not sure the lease agreement is still valid or default, but we did research that has been default.

Then, I estimate my own numbers using some defaults.  

A “default house template”a.

This is why I create my own loan docs. with a way to get a property quickly if it goes into default.  

The result is the same from a lender’s perspective: there has been a transfer of “legal or beneficial title” in the mortgaged property.As you know, in most Mortgages, this can be an Event of Default.