Facing Foreclosure? There's Hope Yet!

If you’re struggling with the prospect of losing your home due to foreclosure, you know the emotional and financial strain it can bring. Fortunately, with our expert foreclosure prevention services, you can find a way through this.

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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.

Stop Foreclosure Now!

If your bank or mortgage company is threatening legal action because you’ve fallen behind on your mortgage payments – fight back! You’ve got options. Get Approved Now! Complete our secure online application today.

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Stop Foreclosure Before It Starts

Facing foreclosure can feel like standing on unstable ground. The threat of losing your home—the heart of your family’s security and comfort—is overwhelming and frightening. But there’s good news: Foreclosure can be stopped.

With the right strategies and knowledge, you can stand firm and keep your home. Discover how to prevent foreclosure with steps that have helped countless homeowners regain their peace of mind.

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Understand Foreclosure and Its Consequences

Foreclosure happens when a homeowner fails to make mortgage payments, leading the lender to take legal action to repossess the home. The effects can be far-reaching, impacting your credit score severely and making it challenging to obtain future housing. Knowing what’s at stake is the first step in taking action.

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How We Help: Tailored Foreclosure Solutions

Refinance Your Mortgage

Leveraging home equity to prevent the risk of foreclosure. This proactive approach not only secures your primary asset but also stabilizes your financial situation.

Negotiate with Your Lender

We have the expertise necessary to open effective dialogues with lenders, aiming for agreements that benefit both sides.

Secure an Alternative Mortgage Lender

Sometimes, all you need is a new start. We can facilitate securing a alternative mortgage that better fits your financial situation.

Deferring Payments for Financial Relief

If you’re currently facing extreme. financial hardship you are not alone. In many cases, we can arrange to defer mortgage payments for 6 months and in some cases 1 year to help you find your financial footing. This relief period allows you to recover without the immediate pressure of monthly mortgage payments.

How Mortgage Foreclosure Works in Canada

Navigating the foreclosure process can be both time-consuming and expensive. 

  • Initially, your lender will submit a Statement of Claim to the court, and you will have 20 days (about 3 weeks) to respond with a defense. 
  • After that time frame, your mortgage may be considered in default. 
  • Your lender will then request a foreclosure order as a solution. 
  • Depending on the Province you reside in, if the court believes you can catch up on your payments, it may issue a Redemption Order, which grants you a specific time to get your mortgage payments up to date.

As a homeowner you must act quickly to stop the foreclosure process by catching up on your payments or paying off the mortgage in full. Both the court and the lender are motivated to find a solution that allows you to keep your home and repay the mortgage because lenders always prefer payments over foreclosure. If you are not sure how to navigate a foreclosure, we can help!

Turnedaway.ca is your best chance to secure your home and future. Let us walk you though this challenging time, end the fear of foreclosure, and find the tailored solution that will safeguard your property!

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Don’t Wait Until It’s Too late

Stop a Foreclosure &
Save Your Home Today!

If you are facing foreclosure, don’t wait any longer. It is better to act now before it is too late! Avoid foreclosure now!
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Foreclosure vs. Power of Sale

Foreclosure and power of sale are two ways that lenders can recover mortgage arrears in Canada.  

  • Foreclosure gives the lender legal title to the property, but they cannot sue for any shortfall if the property sale doesn’t cover the mortgage balance. This, coupled with the costly and lengthy process, makes foreclosure rare in Canada.  
  • On the other hand, power of sale allows the lender to sell the property after obtaining permission from the court, but they don’t own the title to the property.  

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. 

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Does Foreclosure Always Affect Credit Scores?

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. 

How Long Does a Foreclosure Affect Your Credit?

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. 

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Stop Foreclosure in Ontario, Ca

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:  

  • Behind on mortgage payments 
  • Served a Statement of Claim 
  • Bank won’t renew the mortgage because of poor repayment history 
  • Facing a Judicial Sale or Deed in Lieu 
  • Received a Power of Sale Notice 
  • Received a Foreclosure Notice 
  • Served a Notice of Sale 
  • A lockout by the Sheriff 
  • Excessive property tax arrears 

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. 

Behind on Mortgage Options

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.

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ACT NOW BEFORE IT’S TOO LATE.

Take Advantage of our Foreclosure Solutions!

We have a team of dedicated financial professionals who are here to help you negotiate with lenders and creditors, create a repayment plan, and stop foreclosure.

Loan to Stop Foreclosure in Canada

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.

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Stop Mortgage Foreclosure Process 

How to Avoid Foreclosure in Canada

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:

  • Be sure to understand your mortgage agreement before agreeing to it.
  • Talk to your lender before you fall behind on payments.
  • Seek advice from a housing counselor who charges little or no fee.
  • Contact a reliable real estate lawyer.
  • Check if there are any available mortgage modifications for you to utilize.
  • Downgrade and sell your home before falling behind on mortgage payments.
  • Turn to TurnedAway.ca to help you!

Contact us and we can go through the specific details of your situation.

How Can TurnedAway.ca Help Save Your Home?

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.

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