It's always great
when local government reduces your property value to nothing. Sent from the future
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COVID and the housing market
- Thread starter mimico_polak
- Start date
when local government reduces your property value to nothing. Sent from the future
Chow's working on itIt's always greatwhen local government reduces your property value to nothing.
Sent from the future
Chow to Dougie , please give us millions to fix our roads , Dougie; I’ll do you one better I’ll take over the DVP and get my guys fixing potholes and painting lines . Here 15million for you , what’s first .? Chow; I’ll burn that changing street signs , I’ll be back next year for another 15mil . Dougie ; oh goodie ! What’s next ? Chow; I’ll use your money to fight your Ontario place plans ! Dougie : hey ‘Livi , it’s not actually my money , it’s this thing we collect called taxes . Chow ; I’ve heard of this mystical pot , we learned this at NDP summer camp .
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Mad Mike
Well-known member
I figure Ford is taking over key Toronto highways because he understands how important they are to the overall Ontario economy. If you owned a road, would you trust the city of Toronto to manage and maintain it?
A private lenders take on housing
www.bnnbloomberg.ca
"So as soon as someone misses a payment, Kyprianou’s company reaches out to see if they can get back on track. If the answer is no, they deliver an ultimatum: Sell now or we’ll sell for you."
BNN Bloomberg – Canada Business News, TSX Today and Interest Rates
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www.bnnbloomberg.ca
"So as soon as someone misses a payment, Kyprianou’s company reaches out to see if they can get back on track. If the answer is no, they deliver an ultimatum: Sell now or we’ll sell for you."
When you go to a private lender…it means you were too risky for the normal channels…yet you gambled it anyway.A private lenders take on housing
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"So as soon as someone misses a payment, Kyprianou’s company reaches out to see if they can get back on track. If the answer is no, they deliver an ultimatum: Sell now or we’ll sell for you."
I unfortunately have minimal sympathy as they knew they were on the edge..but gambled anyway.
Mad Mike
Well-known member
A private lender legall can list and sell your house after 15 days of delinquency.A private lenders take on housing
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"So as soon as someone misses a payment, Kyprianou’s company reaches out to see if they can get back on track. If the answer is no, they deliver an ultimatum: Sell now or we’ll sell for you."
. He’s obliged to give notice, list the property and take the best offer. Realtor gets paid first, then lawyer, then 1st lender, then 2nd lender then homeowner if there is anything left.
If the proceeds are less than the debt, the unpaid debt becomes an unsecured loan the lender must continue to pay off.
Banks don’t want to be real estate agents , private lenders don’t either , but when they have the opportunity to own your 800k house you paid 400k for and owe 425k . They are taking the house .
Buddy at work owns two KW a houses he has as rentals, both were private mortgages by his dad/ him and now they own them . It’s a good business , and both losses , IMO, were dumb customers.
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Buddy at work owns two KW a houses he has as rentals, both were private mortgages by his dad/ him and now they own them . It’s a good business , and both losses , IMO, were dumb customers.
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More fun with stats (or alternatively how to turn real numbers into meaningless percentages). The whole premise of the study assumes that you buy a single family home on income alone. For most people, there need to be stepping stones along the way with much of the money in your current dwelling being generated from appreciation of prior dwellings. Income only services the remaining (upgrade) portion of the sfh cost. It also assumes that you are paying off entire dwelling in 25 years. For most people, this is not the case. Each property upgrade gets a new 25 years for most people. You are paying mortgage for 35 to 50 years, not 25.
www.cp24.com
Toronto, Canada and Global Breaking News – CP24
Most recent News News business news stories and video from CP24
www.cp24.com
Fewer than one-quarter of Ontario households have income to own single-family home: report
How many of the 25% are in the GTA?More fun with stats (or alternatively how to turn real numbers into meaningless percentages). The whole premise of the study assumes that you buy a single family home on income alone. For most people, there need to be stepping stones along the way with much of the money in your current dwelling being generated from appreciation of prior dwellings. Income only services the remaining (upgrade) portion of the sfh cost. It also assumes that you are paying off entire dwelling in 25 years. For most people, this is not the case. Each property upgrade gets a new 25 years for most people. You are paying mortgage for 35 to 50 years, not 25.
Toronto, Canada and Global Breaking News – CP24
Most recent News News business news stories and video from CP24
Fewer than one-quarter of Ontario households have income to own single-family home: report
The article broke down regions some. Lots of dumb in there. I just picked their headline as the rest follows a similar pattern.
Mad Mike
Well-known member
This was a ‘thing’ in the early 90s when prices were falling. Private lenders would mortgage distressed properties on a 1 year term knowing the borrower would have no chance of renewing without equity.
At term, the borrower has 15 days to pay the mortgage in full. Lender would list the property for best offer, If it sold, the lender got his money and his costs in cash or simply kept the house.
It still happens.
My guess , when we bought US property and one CDN house , both couples were in distress, financed beyond capacity, and that stress cooked the marriage. Both properties were days from foreclosure, and I assume if they could have kept them clear , they would have, but that boat had sailed and was well out in deep water .
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Our first realtor did this. Short term interest only loans for flip contractors.
He managed to score a handful of houses with this method.
Any chance the property got sold to someone invisibly connected to the mortgage holder and at a good price for the buyer?
Mad Mike
Well-known member
Has to be an arm length deal, and best firm offer is the one accepted.
There’s always room for shenanigans, but the penalties and costs of scamming a lender will deter that.
If there are no fair offers that cover the lender, realtor and lawyers, the lender can keep the properts, hold or dispose on their terms.
$17,000 of OUR money is going to support this person that clearly needs it….
What a way to pi$$ me off for Christmas…
www.nsnews.com
What a way to pi$$ me off for Christmas…
B.C. mom collecting $17K in benefits seeks support from 'ultra-high net worth' ex-husband
While residing in a $8.4-million home outfitted with $500,000 worth of furniture, homemaker Nina Zhang claimed annual child expenses of $320,000 for a live-in nanny, private school, chauffeur, violin lessons, language classes, swim club and orchestras while claiming gross income of $66,476 and...
www.nsnews.com
Mad Mike
Well-known member
Me thinks she is cheating. Support payments are also income, and the family court says her real income is probably closer to $200k. I doubt someone getting hundreds of thousands from ex and investments woul qualify for social benefits cash in the 17k range.
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