Are you facing the threat of foreclosure on your home? Don't panic, we're here to help. With our proven strategies and solutions, you can regain control of your finances and keep the place you call home.
Falling Behind on Mortgage Payments? What Can You Do?
Whether you're experiencing financial hardship or unexpected circumstances, this video can provide helpful information on managing your mortgage payments and avoiding the risk of default or foreclosure.
A foreclosure is a legal process where the mortgage lender takes full ownership of the property from the mortgage holder or homeowner. Through this process, the homeowner forfeits all their rights to the property, including any accumulated equity.
Once the lender has foreclosed on the property, they become the owner and can decide what to do with it. This may involve making repairs, renting it out, or selling it.
Foreclosure and power of sale are two ways that lenders can recover mortgage arrears in Canada.
Any remaining amount after paying off the mortgage and costs goes back to the homeowner, but the lender can sue the borrower for any shortfall. Due to its advantages and fewer legal hurdles, power of sale is a common way of recovering mortgage payment arrears in Canada.
Foreclosure can significantly impact a homeowner’s credit score, and the severity of the impact is directly related to the borrower’s creditworthiness before the foreclosure.
A good credit score can drop by 100 points or more, while an excellent credit score can drop by as much as 160 points. This means that a foreclosure can have a more significant impact on those with a higher credit score.
At TurnedAway.ca, we can help you avoid foreclosure and get you back on track making your mortgage payments. Talk to one of our experts now to see how we can help you turn your situation around.
While it is possible to recover from a foreclosure, it takes time and effort. Typically, it takes at least three years of on-time payments to help restore credit scores, but full recovery can take up to seven years.
The recovery process is typically more difficult for those with lower credit scores and lower income levels, as they may face higher interest rates and limited access to credit.
Foreclosure can have a severe impact on credit scores, and recovery can be a lengthy and challenging process. However, with the right mortgage broker, you can still get approved for a mortgage and start taking steps to rebuild your credit.
If you miss mortgage payments, your lender may not offer much help, as it’s a serious breach of contract. Falling too far behind can lead to legal fees and the possibility of losing your home through the power of sale or foreclosure.
Being turned away by a lender when you are struggling financially can be devastating, but TurnedAway.ca can help if you are facing any of these issues:
The responsibility always falls on the borrower if he gets caught up on mortgage payments and must, therefore, face its consequences. Don’t leave things to chance. There are still mortgage options available no matter what your unique situation is. Use a mortgage broker who specializes in Foreclosures or Power of Sale and take your first step toward working on a resolution for your issue at hand.
If you’re looking for an alternative to foreclosure, here are other options:
Granting short-term deferrals or extensions in extenuating circumstances was common among mortgage lenders well before the COVID-19 pandemic.
Lenders may modify your amortization period to lower your monthly payment and may add your outstanding mortgage payments to the mortgage principal.
If your lender is unwilling to compromise, ask for a payout figure and consider exploring other mortgage lenders with more competitive rates.
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.
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.
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.
When you have mortgage payment arrears, finding a lender willing to help you catch up is difficult, especially with big banks. Acting fast is critical!
A mortgage broker specializing in loans to stop foreclosure can be a big help. With access to various lenders who understand the process, they can set aside challenges like poor credit or income.
An experienced broker can help you avoid foreclosure by connecting you with lenders who approve loans based on the equity in your home. Book a consultation with one of our experts at TurnedAway.ca to learn more about your options for preventing foreclosure.
To prevent foreclosure and maintain your credit score while keeping your home, there are certain actions you can take. Here are some ways to avoid foreclosure with bad credit now:
Contact us and we can go through the specific details of your situation.
Turnedaway.ca is a leading authority on Foreclosures and Power of Sale in Canada. We pride ourselves in taking great care of our clients in helping them understand the options that are available for them, and we’ve been doing this for more than 30years.
We understand that you don’t have perfect credit and may have income challenges. The lenders we work with understand that, too. Whether you’re in Nova Scotia or British Columbia, TurnedAway.ca can help you find a solution to your home mortgage issue.
Don’t let your home end up on the list of foreclosure properties or be a Foreclosure Statistic. Act now and take your first step to resolve your issue. Call us or Apply Online and let the experts at Turnedaway.ca help you get back on financial track.
We’re proud to be top-rated among clients in Canada.
Not all lenders provide second mortgages since they come with more risk. But there are usually three options you can explore:
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