If you’re looking for an alternative to foreclosure, here are other options:
Ask for a deferment of payment
Granting short-term deferrals or extensions in extenuating circumstances was common among mortgage lenders well before the COVID-19 pandemic.
Negotiate a new mortgage agreement
Lenders may modify your amortization period to lower your monthly payment and may add your outstanding mortgage payments to the mortgage principal.
Look for a different lender
If your lender is unwilling to compromise, ask for a payout figure and consider exploring other mortgage lenders with more competitive rates.
Sell the house on your own before the bank initiates foreclosure
You may get a better price if you sell your house on your own rather than your lender selling it in a Power of Sale.
File a consumer proposal and retain your home
If you’re having difficulty with mortgage payments due to debt issues and situations out of your control, filing for bankruptcy or submitting a consumer proposal before foreclosure can help alleviate your financial situation.
Get Help from Mortgage Experts.
If you’re struggling to keep up with your mortgage payments, there are alternatives to foreclosure that you can consider. One option is to seek help from mortgage experts who can guide you through the process and provide you with solutions that work for you.
At TurnedAway.ca, we offer several options such as:
By exploring these options, you may find a way to stay in your home and avoid the negative consequences of foreclosure. Contact our mortgage experts to learn more about these options and how they can help you.