Montreal Pre-Foreclosure

If you haven't been investing Montreal pre-foreclosures, it might be time to start. Investing in Montreal pre-foreclosures is a great way to make a lot of money on real estate.

Owner who are in pre-foreclosure are much more motivated to sell than a regular seller because they know that the bank will take back the house within 60 days. You can find pre-foreclosures almost anywhere on and off the island of Montreal: Laval, South Shore, West Island, Downtown, Old Montreal, Montreal-Nord, Est End, North Shore and even in Westmount.

A home is in pre-foreclosure for a period of 4-6 months depending on the bank and any action made to rectify the situation. The pre-foreclosure period can be separated into two more distinctive parts: Default and Notice of Default.

The period called "Default" begins when the owner fails to make the first payment. This can be a crucial find since the owner is quite distraught about the situation. A this point, there has been no action from the bank and nothing will most likely happen until the third missed payment.

After the third missed payment, most banks will send the "Notice of Default". At this point, the mortgage on the house has been called in and the owner will have 60 days to rectify the situation or face losing the house.

This is where investors will come in and buy the house. This is usually a good thing for the owner because even though he may feel like he lost his house, he saved his credit history and maybe even a little equity.

If you are interested in Real Estate Investing in Montreal, have a look at the recommended resources on the right hand side. You may also want to sign up for the Free Foreclosure List and get started on those. Then you may want to get into the Montreal pre-foreclosure business

Good Luck and good house hunting