Question about ditressed mortgages

1 Reply

I reside in Ontario Canada where we use "Power of Sale" instead of "foreclosure". As you may know it is very difficult to obtain information regarding defaulted mortgages especially in Ontario. I've come to the conclusion that a very good way contacting these distressed mortgages is at the source; brokers or lenders that issue the mortgage.

Although I live in Ontario Canada, I would think that this question is relevant on both sides of the border. Are mortgage brokers or lenders willing/able to give information regarding mortgages in default if a commission or finders fee is given upon closing?

It really all depends. I have a really good setup with some lenders because I have worked for many of them as an underwriter but it gets pretty sticky with the privacy laws. If anyone knew where I was getting my info it could get pretty nasty

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