Can't you pay your mortgage?
April Dunn –
1 December 2018 / 11:00 | Story:
Sometimes an unpredictable financial situation may occur and you may not be able to make your normal mortgage payment.
I can't emphasize this enough – take action immediately on the first sign of distress and work with a mortgage broker to find a solution to this challenge.
The worst thing you can do is ignore your lender with open and early communication as the best precaution. Lenders are sad when you ignore them and are less likely to meet you.
This step will increase the chances of managing this difficult situation and early intervention is very important. To help, we need to fully understand your financial situation but it can be a solution.
Most Canadian do not know which options are available. Did you know that some lenders would allow you to "skip a payment" and that this option might be available as part of the mortgage features?
If you ignore this situation for a very long time, if you have one of the following conditions, you may encounter yourself hostage:
- You are about to miss a mortgage payment because you have no money to pay
- You missed one or two mortgage payments
- You have received a notice or request letter from your mortgage supplier
- Or you filed a petition for execution.
If any of these situations apply to you, this is a serious situation and you may be on your way to extradition.
The easiest thing to do is to ignore any phone call you have lent, or a letter of request that you can send, but it's the worst thing you can really do, and there are consequences to ignoring the situation here.
- You will not have a say in court proceedings and they will continue without you
- If the house is sold, if you have any notice that you need to empty the property,
- You may have less time to stay in your home than you may appear in court.
You may have some options to solve this problem, but if you can't use your mortgage by updating your payment with all the legal costs your lender is exposed to, early talk to the mortgage broker is really your best way.
Some ways a mortgage broker can advise you:
- You may need to reduce your monthly payments to reduce your monthly budget.
- Can we get a new mortgage with another lender and pay the current lender?
- We can see and see if there is enough equality in your home to find value for yourself.
- Or if we don't solve your problem, it might be your best option to go to court
If you are left behind on your mortgage, interest and costs can accumulate very quickly and it is very important to ask for help before leaving your business. For this reason, please call me at 888-561-2679 for a secret meeting or send me an e-mail address [email protected].