Can not pay the mortgage?
April Dunn –
December 1, 2018 / 11:00 | a story:
Sometimes an unexpected financial situation can happen and you may not be able to make your regular mortgage payment.
I can not stress it enough – take immediate action in the first sign of distress and work together with a mortgage broker to find a solution to this difficulty.
The worst thing you can do is ignore it as an early open communication with your lender is the best action to take. Lenders get angry when you ignore them and are less likely to negotiate with you.
This step will increase the chance of managing this difficult situation and early intervention is very important. We need to understand your financial situation to help, but can be a solution.
Most Canadians do not know what options are available. Did you know that some lenders will allow you to "skip the payment" option that may be available as part of your mortgage features.
If you ignore the situation too long you can find yourself facing foreclosure if you are in one of these situations:
- You are about to miss a mortgage payment because you do not have the money to pay
- You missed one or two mortgage payments
- You have received a letter or letter of request from the mortgage lender
- Or you've been a pearl curve service
If all this applies to you, this is a serious condition and you may be on your way to foreclosure.
The easiest thing to do is ignore any phone calls from your lender or demand letter that they may have sent to you, but it is really the worst thing you can do and here are some of the consequences of ignoring the situation.
- You will not have anything in court proceedings and they will proceed without you
- If the house is sold you will get a little if any notice that you have to vacate the property
- You may have less time to stay in your home than if you were appearing in court
You may have several options to solve this problem, but talking early on a mortgage broker is really the best course of action if you can not redeem your mortgage by bringing your payments up-to-date along with any legal costs incurred by your lender.
Here are some ways that a mortgage broker can advise you:
- Maybe you can refinance to reduce your monthly payments to keep you within your budget.
- We can see if we can get a new mortgage with another lender to pay off your current lender
- We can take a look and see if there is enough equity in your home to make it yourself worthwhile
- Or if we can not solve your problem, then going to court may be the best option
If you fall on the mortgage interest rate and costs can accumulate very quickly and it is critical to ask for help early before things get out of your control so please let me call at 888-561-2679 for a secret call or email me at [email protected].