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10-12-2009, 12:07 PM
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Junior Member
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Join Date: Oct 2009
2 posts, read 1,127 times
Reputation: 10
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We want to leave the US and move to Canada but can we afford it.
My husband and I are in our 30's with one child. We own a home in TX with a 30-yr loan. Our taxes are almost 3,000 a year.
Can we up and move? Not happy with the way things are going in the US and my husband is having a hard time finding work here in the states. I have found plenty of job offers in Canada hence why we are looking at our options.
Can we leave here and let our home go to foreclosure without it hurting us in Canada?
Could we find a home with 3 bedroom/3 bath in a nice area for 120,000 and qualify for a new loan?
I have read about the gas prices being drastically higher in Canada so I am not sure what to do. If anyone has any ideas for me, please let me know. 
Thank you!! |
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10-12-2009, 12:20 PM
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Senior Member
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Join Date: Jun 2009
Location: Toronto
466 posts, read 191,303 times
Reputation: 112
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What particular part of Canada are you looking for?
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10-12-2009, 01:21 PM
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Member
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Join Date: Mar 2008
21 posts, read 10,424 times
Reputation: 21
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Best case scenario: You move to Canada, and your credit history starts from scratch (they may not recognize your previous history, which would be good in your case).
Worse case scenario: You move to Canada, and your credit history follows you (including your foreclosure).
In either of these scenarios, you would not be able to apply for a mortgage due to your either non-existent credit history, or because you have a bad credit history. You would need to rent.
Quote:
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It is always best to try to work out an arrangement with your subprime lender. They do not want your property; they would prefer that you pay the loan.
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Do some research online, as there are a lot of other people who are in the same situation as you. If you insist on defaulting on your loan and running, make sure you take precautions and do your research first. For example, you could probably stop paying your mortgage, and continue to live in your home for a while before being evicted.
In Canada, gas prices might be about 25% higher than you're used to, due to taxes.
Do some reading about some of the major Canadian cities on wikipedia and citystats.ca to get an idea of what part of Canada you're interested in, and go from there.
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10-12-2009, 03:05 PM
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Senior Member
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Join Date: Sep 2009
1,341 posts, read 327,222 times
Reputation: 561
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Live where you want to live, the "what-Ifs" never end, life does.
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10-12-2009, 07:27 PM
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Senior Member
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Join Date: May 2009
Location: Canada
210 posts, read 68,090 times
Reputation: 184
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Whether or not you can find a job depends on your fields. But as to the price of housing, even in Manitoba, in Winnipeg, which isn't the most popular of destinations it would be difficult to find a nice home for $120,000. The housing market here hasn't dropped much at all, and a house in a nice area, as you describe, and as I understand nice area would be in the $200,000 range. $120,000 would get you only a fixer-upper even in the surrounding bedroom communities.
Popular destinations such as Toronto, Ottawa, Calgary or Vancouver would be even higher. The cities where housing prices would be lower, would also have tighter job markets.
If you aren't fussy about being in a big city, you have more options with regard to housing in your price range but you haven't provided enough details on what lifestyle you would be looking for for me to offer any relevant advice.
As far as letting your home go into foreclosure, Canadian banks have more conservative lending practises than American banks. I think the odds are against them not checking out your credit history.
And you'd have to check out government immigration sites to see if you even qualify for immigration. Check out some of the other threads regarding immigration and you'll find a lot of links.
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10-12-2009, 08:22 PM
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Senior Member
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Join Date: Sep 2008
4,947 posts, read 2,198,037 times
Reputation: 862
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Quote:
Originally Posted by Trisha Dewey
My husband and I are in our 30's with one child. We own a home in TX with a 30-yr loan. Our taxes are almost 3,000 a year.
Can we up and move? Not happy with the way things are going in the US and my husband is having a hard time finding work here in the states. I have found plenty of job offers in Canada hence why we are looking at our options.
Can we leave here and let our home go to foreclosure without it hurting us in Canada?
Could we find a home with 3 bedroom/3 bath in a nice area for 120,000 and qualify for a new loan?
I have read about the gas prices being drastically higher in Canada so I am not sure what to do. If anyone has any ideas for me, please let me know.
Thank you!! |
Have you even checked out the immigration Canada web site to see if you have the points to qualify to migrate? Google the site. |
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10-13-2009, 09:19 AM
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Senior Member
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Join Date: Aug 2009
Location: Michio or Ohigan
490 posts, read 109,830 times
Reputation: 278
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Quote:
Originally Posted by Wingfoot
Live where you want to live, the "what-Ifs" never end, life does.
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This is a great quote. So brilliant yet so simple.  |
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10-13-2009, 09:41 AM
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Senior Member
Status:
"Dancing to the beat of a different drum....my own."
(set 17 days ago)
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Join Date: Jun 2007
Location: Alaska of Course
3,537 posts, read 1,545,637 times
Reputation: 1239
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Quote:
Originally Posted by Wingfoot
Live where you want to live, the "what-Ifs" never end, life does.
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So true! |
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10-13-2009, 09:45 AM
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Senior Member
Status:
"Dancing to the beat of a different drum....my own."
(set 17 days ago)
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Join Date: Jun 2007
Location: Alaska of Course
3,537 posts, read 1,545,637 times
Reputation: 1239
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Quote:
Originally Posted by Trisha Dewey
My husband and I are in our 30's with one child. We own a home in TX with a 30-yr loan. Our taxes are almost 3,000 a year.
Can we up and move? Not happy with the way things are going in the US and my husband is having a hard time finding work here in the states. I have found plenty of job offers in Canada hence why we are looking at our options.
Can we leave here and let our home go to foreclosure without it hurting us in Canada?
Could we find a home with 3 bedroom/3 bath in a nice area for 120,000 and qualify for a new loan?
I have read about the gas prices being drastically higher in Canada so I am not sure what to do. If anyone has any ideas for me, please let me know.
Thank you!! |
Check out this link:
Immigrating to Canada
We've been through Canada several times on our trips to and from the lower 48. I do know from talking to some Canadians briefly that they basically complain about the taxes, high cost of living, etc. (sounds like anywhere doesn't it?). Their gasoline is very expensive. I do know that they have strict guidelines who can immigrate there. Your best bet would be to secure employment in Canada and go from there. Good luck.
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10-13-2009, 12:16 PM
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Senior Member
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Join Date: Sep 2009
1,341 posts, read 327,222 times
Reputation: 561
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Quote:
Originally Posted by J'aimeDesVilles
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Not a quote, I made it up-LOL. |
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