A subprime mortgage lender who lent to a woman who bought multiple multi-million dollar Vancouver Westside properties is foreclosing on three of her homes.
Reliable Mortgages Investment Corp has listed two Shaughnessy mansions and one Mount Pleasant duplex belonging to Xing Xiu Hua alias Xingxiu Hua as foreclosure sales.
BC Supreme Court ordered the sale of all for of Hua’s properties in 2017 after she reneged on a deal to buy a fifth property1.
The mortgage lender is foreclosing on 1519 W 33RD Avenue, 2075 W 19TH Avenue and 2 122 W 12TH Avenue.
Reliable Mortgages had lent Hua $2,150,000 at a yearly interest rate of 11.95% and another $350,000 at 12.95%.
The Surrey-based mortgage lender has filed 18 foreclosure proceedings in BC Supreme Court in the first eight months of 2019.
This is in contrast to 13 in the first eight months of 2018 and just eight in the first eight months of 2017.
Reliable Mortgages lends to clients who don’t qualify for traditional mortgages, according to its website.
These include “credit impaired” clients and clients with “current or previous foreclosures” and “proposal to creditor & discharged bankruptcy”.
Meanwhile, one of Hua’s properties is currently available on Airbnb for $247 per night2.
This is just another way to launder money…the whole mortgage is a scam..