Can not I pay for your mortgage?
April Dan –
December 1, 2018/11: 00h | Story:
Sometimes an unforeseen financial situation may occur and you may not be able to make a regular mortgage payment.
I can not emphasize this enough – immediately take action at the first sign of anxiety and work together with the mortgage broker to find a solution to this difficulty.
The worst thing you can do is ignore how open and early communication with your lender is the best action to download. Lenders are upset when you ignore them and are less likely to negotiate with you.
This step will increase the chances of managing this difficult situation and early intervention is very important. We need to fully understand your financial situation in order to help, but there may be a solution.
Most Canadians do not know which options are available. Did you know that some lenders will allow you to "skip payment" and this option may be available as part of your mortgage functions.
If you ignore the situation for too long, you can find yourself facing a closure if you are in one of these situations:
- You will miss the payment of a mortgage because you do not have the means to pay
- You missed one or two mortgage payments
- You have received a notification or a request letter from your mortgage lender
- Or you have been serviced Petition for foreclosure
If any of this applies to you, this is a serious situation and you can be on your way to closure.
The easiest thing to do is to ignore all the phone calls from your lender or the inquiry letter that they may have sent you, but it is really the worst thing you can do and there are some of the consequences of ignoring the situation.
- You will not have any words in the court proceedings and they will continue without you
- If home is sold, you will get a little if you have a notice that you need to leave the property
- You may have less time to stay in your home than if you have appeared in court
You may have some options to solve this problem, but early talking to a mortgage broker is really your best step of action if you can not redeem your mortgage by keeping your payments updated with any legal fees incurred by your lender.
Here are some ways in which a mortgage broker can notify you:
- You may be refinanced to reduce your monthly payments to keep you within your budget.
- We can see if we can get a new mortgage with another lender and pay off your current lender
- We can look at them and see if there is enough capital in your home to sell it for yourself
- Or if we can not solve your problem, then going to court may be the best option
If you are lagging behind in your mortgage, interest and expense can be accumulated very quickly and it is critical that you seek help early before you leave your control, so please call me at 888-561-2679 for a trusted conversation or send me e-mail [email protected].