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.

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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 Many Missed Mortgage Payments Before Foreclosure in Canada

Foreclosure process is initiated generally after three to six missed mortgage payment. However, the exact timeline varies based on provincial regulations and the terms of your mortgage agreement. It’s essential to:

Don’t let the fear of foreclosure overshadow the joy of homeownership. By understanding the process and taking proactive steps, you can safeguard your home and your future. Reach out to a financial advisor, explore refinancing options, and stay in contact with your lender.

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.

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How Mortgage Foreclosure Works in Ontario

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!

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!

Foreclosure vs. Power of Sale

Foreclosure and power of sale are two legal processes that lenders can use to 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 is a forced sale process commonly used in Ontario, where lender obtains the legal right to evict and sell the property to recoup the outstanding mortgage balance. Any excess profits after sale will be given back to the homeowner. However, lender can also sue the owner for any shortfall.

Typically, power of sale takes up to 6 months, while foreclosure process can last long up to a year making it more expensive and lengthy process. 

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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 to Prevent Second Mortgage Foreclosure

If you fall behind on payments for a second mortgage, the lender has the right to initiate foreclosure proceedings, though the process can be complex and differs from the foreclosure of a primary mortgage.

The proceeds from the sale are first used to pay off the primary mortgage. Any remaining funds are then used to pay the second mortgage. If the sale proceeds do not cover the second mortgage, the lender may pursue a deficiency judgment against you for the remaining balance.

However, there are several strategies and steps you can take to prevent this situation and protect your home.

  • Refinancing your primary mortgage to pay off the second mortgage can consolidate your debt and avoid foreclosure.
  • If you have sufficient equity, then using home equity loan to pay off the second mortgage will help to save your home.
  • Negotiate with your lender to modify the terms of your loan to make more manageable payments.

Turnedaway.ca specializes in helping homeowners who face challenges with traditional lenders, particularly when it comes to managing or preventing foreclosure on a second mortgage.

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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.

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.
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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.

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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.