Being more than 30 days late on your mortgage can have a profound impact on your credit score. In fact, it can ruin your score very quickly. And, the more payments you miss on your mortgage, the worse your score will effectively get. But, there are worse things to fear than a poor credit report.
Have you been turned away by your bank because of late or missed mortgage payments? Are you being forced into a power of sale or foreclosure? Unforeseen expenses and situations such as job loss and illness can cause people to fall behind quickly. In a word, if you are behind on your monthly mortgage payments, you may be putting your home in jeopardy.
Mortgage lenders don’t tolerate much deviation from the contract you signed. And missing payments is the least acceptable form of breach of contract. On the whole, most major lenders won’t tolerate or help people who fall behind.
In short, the answer is none. Technically, a lender can start legal proceedings just beyond 15 days. Obviously, most lenders would like to avoid confrontation, and communication with your lender is important. Assuming your lender will allow you to, it’s important to enter into a repayment plan in the short term.
That being said, there is no grace period and most mortgage lenders take missed mortgage payments very seriously. Moreover, legal fees and penalties can accumulate quickly if you fall too far behind with your mortgage. Once you are more than 90 days behind, most lenders will take legal action, if not sooner.
In either case, owing payments to the bank can result in the sale of your home. Depending on the Province or Territory you live in, mortgage lenders use a legal process called: the power of sale or foreclosure.
Short of paying the money you owe, there is little you can do. Moreover, borrowing money when you are behind on your mortgage payments is extremely difficult. Fortunately, there are lenders who will help homeowners consolidate mortgage arrears.
Turnedaway.ca specializes in helping clients get caught up on mortgage payments. Our lenders will assist homeowners with any of these issues:
• Behind on mortgage payments
• Bank won’t renew mortgage because of poor repayment history
• Received a Power of Sale Notice
• Given a Foreclosure Notice
• Been locked out by the Sheriff
The responsibility always falls on the borrower to catch their mortgage up or face the consequences. Luckily, there are lenders who understand life’s struggles and are willing to help.
We understand that in life, we all face challenges. As a result, Turnedaway.ca has set up a number of options to help clients get their mortgage back on track. We provide solutions such as:
Don’t leave things to chance. Our name says it all! Use the professionals’ homeowners use when they are behind on mortgage payments. Our network of lenders will help you redeem your mortgage or pay out your existing mortgage in a lump sum. In addition, you can increase your cash flow and put yourself in a better position financially.
If you are having trouble finding a solution, let us show you why “We Get Mortgages Approved”.
We can’t thank you enough for all your help with our mortgage. We were skeptical about filling out an online application but we had tried several banks and due to our credit, couldn’t find anyone to help us. Getting a call within 15 minutes of submitting our application to go over the application put my mind at ease but my husband and I were both shocked to receive a call the same day with an approval. We are still amazed at everything you did considering how difficult the banks made our situation sound. Again, from the bottom of our hearts thank you so much!
Marilyn & Bob T, Whitby Ontario