Stop Foreclosure and Save Your Home
With our expert foreclosure prevention services, you can find a way through this financial strain.
- Extensive experience with Foreclosure Cases
- Quick and Effective Foreclosure Halt Process
- Personalized Solution for unique needs
- Relief from Mortgage debt
- Easy Application Process
Don’t Give up- Prevent Foreclosure on Your Home
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.
Loan to Save Your Home from Foreclosure
One of the quickest ways to save your home from foreclosure is obtaining a Foreclosure Prevention Loan specifically designed to fund you extra money during this financial hardship. This loan provides homeowners with necessary funds to pay off overdue mortgage payments, legal fees, other costs to bring the mortgage back into good position.
There are several ways to apply for this loan:
Home Equity Loan:
This loan allows you to borrow lumpsum amount against the equity in your home to catch up on missed mortgage payments and prevent foreclosure.
Home Equity Line of Credit (HELOC):
Similar to a home equity loan, a HELOC provides a line of credit based on your home’s equity. You can withdraw from this line of credit as needed to overcome missed mortgage payments.
Refinancing:
Refinancing involves replacing your current mortgage with a new one, ideally with better terms. This can lower your monthly payments and provide extra cash to pay off arrears.
Private Lender Loan:
When you have bad credit Traditional Lenders will turned you away from helping, while Private Lenders can offer loans with flexible terms tailored to your situation. Instead of focusing solely on credit score, private lenders consider other factors like equity on your home to secure your loan amount.
TurnedAway.ca have established relationships with many trusted Private Lenders, providing you with a range of loan options to secure your financial needs. Don’t wait until it’s too late. Contact Us Now!
Call Us: 1-855-668-3074
Can You Stop Foreclosure Once it’s Started?
Yes, foreclosure can indeed be halted once it has started. The foreclosure process in Canada often tends to favor the borrower (homeowner) if they can secure the funds to settle the debt. Once a court issues an Order for Foreclosure, the only way to reclaim the property is to repurchase it from the lender.
Midway through the foreclosure process, the court typically issues a Redemption Order, granting you a period (usually around six months) to gather the required funds to make the payments as determined by the court. If you can meet these payment requirements, the foreclosure process will cease, allowing you to retain ownership of the property.
The key is to act quickly and explore all available options to find a solution that works for you. Turnedaway.ca can connect you with private lenders willing to provide the necessary funds to pay off your mortgage arrears and regain your homeownership.
How many mortgage payments can you miss before facing foreclosure?
The number of missed mortgage payments before foreclosure proceedings can typically varies on the lender and the terms of your mortgage agreement. However, here is a general outline of what usually happens:
General Timeline for Missed Mortgage Payments Leading to Foreclosure:
First Missed Payment:
- Lenders usually provide a grace period of a few days to two weeks after the due date to make your payment without any penalties.
- If you miss the payment and the grace period passes, late fees are typically applied.
Second Missed Payment:
- If you missed mortgage payment for second time, the lender will likely contact you to inform and discuss your situation. This is often a courtesy call or letter.
Third Missed Payment:
- After three consecutive missed payments (typically around 90 days), the lender will send a formal notice indicating that your mortgage is in default.
- This letter will demand immediate payment of the overdue amount and warn that foreclosure proceedings may start if the arrears are not cleared.
Fourth Missed Payment:
- If the payments remain unpaid after the third missed payment, the lender may issue a pre-foreclosure notice, giving you a specific timeframe to resolve the default, often 30 days.
Foreclosure Proceedings:
- If no resolution is reached, the lender may start legal foreclosure proceedings. The exact timing and process vary by province.
- In many provinces, there is a redemption period, often six months, during which you can pay off the owed amount to stop the foreclosure.
If you’re struggling with mortgage payments, seeking assistance early on can be crucial in avoiding foreclosure and finding a solution before it’s too late. Contact Turnedaway.ca to discuss your situation.
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 avoid foreclosure by catching up on your payments. 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!
Can a Second Mortgage Holder Force a Foreclosure?
Yes, a second mortgage holder can initiate foreclosure process. While the process can be more complex and differs from the foreclosure of a primary mortgage, the second mortgage holder has the legal right to protect their financial interest in the property if the borrower defaults.
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 when it comes to managing or preventing foreclosure on a second mortgage. Contact our Mortgage Expert today to get a quick help!
How We Help: Tailored Foreclosure Solutions
If you find it difficult to keep up with your mortgage payments, there are alternatives to foreclosure that you can consider. Contact our mortgage experts to learn more about these options and how they can help you.
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
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.
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.
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. 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.