Have you missed some mortgage payments? Are you facing foreclosure? Do you feel like there is no where to turn? Before you get backed into a corner, did you know that mortgage brokers can help you dig your way out of these dark days?
First, let me explain what a foreclosure is and how they work.
If you have a mortgage registered against your property, a house, land or commercial property, you have the legal obligation to make regular payments on that mortgage according to the terms of the mortgage.
If you miss or stop making those payments then the lender - the person or financial institution holding the mortgage - can apply to the courts to take title to your house or to sell your house so they can get their mortgage funds back.
It is not quick and there is a legal process that has to be completed before you actually lose your home.
You will first receive demand letters asking for payment and if you don’t respond, the lender will turn everything over to a lawyer who will commence foreclosure action by filing a petition at the Supreme Court Registry.
That petition will have to be served, or delivered on you and then you will have a short period of time to respond. You don’t want it to get to this step but if it does, you must seek legal advice immediately.
Here are some steps you can take now to prevent getting into this legal situation.
If you are not able to make your regular mortgage payments for whatever reason, job loss, ill health, etc. and unable work, you should speak to your lender immediately and make arrangements to pay as much as you can.
Because commencing a foreclosure can be very expensive, many lenders are willing to work with you and will allow you to catch up on your payments later on.
If you take this action, be sure that you live up to the repayment arrangements. You may not have a second chance.
If your lender doesn’t want to work with you and you know you are going to be missing payments, you will have only about three months before the lender takes legal action against you.
If the lender does not want to work with you, you should consult with a mortgage broker. A mortgage broker is there to work for you, not for the lenders, and we have access to many lenders of last resort for foreclosures, who focus on creative ways of extracting security in your situation.
Provided you’ve got enough equity and the deal makes “sense” we will look at mortgages for clients who have properties in foreclosure.
We can analyze your financial picture and give you advice as to what your options can be. You may be able to refinance the existing mortgage or get a second mortgage that will allow you to catch up on the outstanding payments on the first mortgage.
Keep in mind that you may have to pay a higher interest rate or have someone guarantee the new mortgage for you. A guarantor has to be able to take over the mortgage payments for you if you can’t make them yourself.
We may be able to give you several financial options to rebuild your credit and get you past through this difficult time in your life.
If you are suffering financially, before you get in trouble with your mortgage or your credit card debt, you should consult with a mortgage broker. We can have approval sometimes the same day or within 24 hours.
So, don’t give up and let the bank foreclose. Follow these steps and see a mortgage broker now.
The bottom line is - I'm in YOUR corner, and I can set you up with the best possible mortgage (or otherwise solution) for your needs, period. Even if your situation is "challenging" - you'd be amazed at what's possible with a little creativity...
You can email me here, call me at 1-877-686-4246, or submit a Quick-Quote request HERE...
We'll talk soon!