There are a few ways you can pay out a Revenue Canada lien that has been placed against your home. You can sell your home and use the proceeds from the sale, use your savings or liquidate an investment such as an RRSP. If desperation sets in you can even approach family to borrow the money. While none of these options may seem overly appealing there is a simpler solution that does not involve cashing out your retirement fund, paying high commissions to realtors or putting your tail between your legs to ask family for the money. Refinancing your home is one of the simplest options a consumer has available to them to pay out a Revenue Canada lien on their home.
While traditional banks do not allow consumers to refinance Revenue Canada liens there are a multitude of lenders who will allow you to payout these types of liens. Not only are there a large number of lenders who allow this, but there are also a number of products that they offer. For those consumers who are facing large penalties to break their mortgage they can easily be avoided by obtaining a secured line of credit or a second mortgage which does not involve paying out your first mortgage.
If you want to know what institutions will permit you to refinance Revenue Canada liens, what products you should be looking at and need help determining what the most cost effective route is consult with an experienced broker and get the answers you’re looking for.
If you have a Revenue Canada lien on a home, commercial property or a piece of vacant land that you want to pay and don’t know where to start, we offer free consultations and can help you get back on track.